Freddie Mac Names Dennis Hermonstyne Jr., Senior Vice President and Chief Compliance Officer

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) has appointed Dennis Hermonstyne Jr. as the new senior vice president and chief compliance officer, effective September 19, 2022. With over 20 years of experience in compliance for national and international financial services, Hermonstyne will enhance Freddie Mac's commitment to compliance risk management related to legal and regulatory obligations. Previously, he held executive roles at Santander Bank and E*TRADE Bank, and he brings a strong legal background from various regulatory agencies.

Positive

• Appointment of a seasoned compliance officer, enhancing Freddie Mac's compliance framework.
• Dennis Hermonstyne brings over 20 years of relevant industry experience.
• He will oversee compliance risk management, supporting legal and regulatory obligations.

Negative

• None.

MCLEAN, Va., July 22, 2022 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today that Dennis Hermonstyne Jr., is joining the company as senior vice president and chief compliance officer (CCO). Mr. Hermonstyne brings over 20 years of experience managing compliance programs for national banks and international financial services companies to Freddie Mac. He will be a member of the company’s senior operating committee and report directly to Chief Executive Officer Michael DeVito and work closely with Chief Risk Officer Anil Hinduja. Mr. Hermonstyne will join Freddie Mac on September 19.

“Dennis is an accomplished compliance officer with a broad experience at national and international financial services firms. He will be an excellent addition to Freddie Mac’s senior operating committee,” said DeVito. “I look forward to working closely with Dennis as we continue Freddie Mac’s commitment to safety, soundness, and world-class risk management.”

In his role as chief compliance officer, Mr. Hermonstyne will oversee and lead Freddie Mac’s compliance risk management program pertaining to the company’s legal, regulatory and conservatorship obligations.

Mr. Hermonstyne most recently served as the Executive Vice President and Chief Compliance Officer of Santander Bank, N.A. based in Boston, where he was responsible for overseeing the bank’s strategic compliance program and the policies and procedures for compliance vulnerability across the company. Prior to joining Santander in 2017, Mr. Hermonstyne was the Deputy Chief Compliance Officer of E*TRADE Bank. His experience also includes several legal positions at federal regulatory agencies, including the Board of Governors of the Federal Reserve System. Mr. Hermonstyne holds a Bachelor of Science from Georgetown University and a Juris Doctor degree from Catholic University Columbus School of Law.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.

MEDIA CONTACT:

Christopher Spina
703-388-7031
Christopher_Spina@FreddieMac.com

FAQ

Who is the new chief compliance officer of FMCC?

Dennis Hermonstyne Jr. has been appointed as the new chief compliance officer of FMCC.

What is the role of the new CCO at Freddie Mac?

The new CCO will oversee compliance risk management related to Freddie Mac's legal and regulatory obligations.

When will Dennis Hermonstyne Jr. start at Freddie Mac?

Dennis Hermonstyne Jr. will join Freddie Mac on September 19, 2022.

What experience does Dennis Hermonstyne bring to FMCC?

He has over 20 years of experience managing compliance programs at national banks and international financial companies.