The Federal Housing Finance Agency (FHFA) released its 2021 Report to Congress. The report, which is required by statute, outlines the actions FHFA took last year to carry out its authority to supervise the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac and the Federal Home Loan Banks. Included in the report is a summary of FHFA’s examinations of the GSEs, which found they continue to effectively manage their financial risk and build up capital. FHFA pledges in the report to continue focusing on helping the GSEs build their capital reserves to allow them to leave conservatorship. At the same time, the report calls on Congress to advance housing finance reform legislation to determine the GSEs’ structure and purpose post-conservatorship. The report also asks Congress for the authority to examine the GSEs’ third-party service providers to identify and remedy potential risks to the firms. FHFA has requested such authority in previous reports.