Why Tim Mayopoulos is a strong FDIC choice for Silicon Valley Bank’s new CEO
Tim Mayopoulos now controls SVB’s bridge bank which will manage operations and protect depositors per the Fed, Treasury, and FDIC guidelines laid out March 12.
Tim is a good choice. He knows tech plus complicated, government-backed orgs, plus capital markets. From 2009 to the end of 2018, he served as both chief counsel and CEO of Fannie Mae during the post-crisis recovery years. Fannie Mae is a government-sponsored enterprise that, along with its counterparts Freddie Mac and Ginnie Mae, backs most of the U.S. mortgage market. On Tim’s watch, Fannie Mae was instrumental in navigating the American housing market and economy through one of our darkest periods.
On the tech front, he launched the critical Day One Certainty initiative at Fannie Mae which combined lender risk relief with technological innovation. The program incentivizes lenders with loan buyback relief for using digital verifications to approve borrowers digitally.
More recently, he served as president of a digital mortgage innovation leader Blend, which lets lenders give their salesforces and borrowers more of a bank-on-your-phone experience.
The Blend part of Tim’s journey gives him a firsthand look and understanding how to run a fast-moving startup. This is the quintessential mindset and worldview of the standard Silicon Valley bank customer.
Overall, Tim’s skillset is ideally suited to serve the SVB customer base while delivering on the government’s systemic safety mandates for an entity that they control.
– Former Fannie Mae Executive To Head Silicon Valley Bridge Bank