Just 14 months after becoming the first risk czar at the Office of the Comptroller of the Currency, Scott Calhoun is leaving to join another regulator.

Mr. Calhoun, the deputy comptroller for risk evaluation and capital markets, takes over Aug. 30 as the head of supervision at the Office of Federal Housing Enterprise Oversight, which regulates Fannie Mae and Freddie Mac. A successor has not been found.

"Scott's extensive experience in risk evaluation will further enhance OFHEO's risk-focused approach in carrying out its examination function," Mark A. Kinsey, the agency's acting director, said in a prepared statement. "His responsibility for some of the largest and most sophisticated multinational banks make him uniquely qualified to help OFHEO." Mr. Calhoun was vacationing and unavailable for comment.

OCC officials praised his work. "He played a groundbreaking role in evaluating risks in banking activities," said OCC Chief Counsel Julie L. Williams.

The 20-year agency veteran was responsible for identifying emerging risks threatening the national banking system. The post was created as part of the agency's supervision by risk program, which zeroes in on how banks' manage nine risks, such as operational and interest rate risk.

Comptroller of the Currency Eugene A. Ludwig wanted one person, reporting directly to him, to monitor the information flowing from these individual exams. He enlisted Mr. Calhoun in June 1996. Mr. Calhoun also oversaw the agency's capital markets division, which is directed by Michael L. Brosnan.

Bankers said Mr. Calhoun's insight will be missed. "I've always come away enlightened from discussions with him," said Kevin M. Blakely, executive vice president for risk management at KeyCorp, Cleveland. "His perceptions of risk in the industry have been very insightful."

Effective with Mr. Calhoun's departure, the capital markets division will report directly to Wayne Rushton, senior deputy comptroller for bank supervision policy, according to an Aug. 14 E-mail from Mr. Ludwig to employees.

Before being named deputy comptroller, Mr. Calhoun spent four years as examiner in charge at Citibank. Before that, he led supervision of Chase Manhattan Bank and the former Continental Illinois Bank. He joined the agency in 1977 as a field examiner in the Midwest.

At the housing oversight office Mr. Calhoun will succeed Marianne D. Wright, who died in January. Deputy Director of Examination and Oversight Thomas A. Loeffler has headed the division during the interim.

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