WASHINGTON — In an unexpected move, Steve Preston, administrator of the Small Business Administration, accepted the position today of Secretary of the Department of Housing and Urban Development, replacing Alphonso Jackson, whose last day on the job is today.

President Bush nominated Preston for the post, saying HUD "requires strong leadership at a time when our housing market is experiencing a period of challenge and uncertainty."

Preston, who has been at the helm of SBA since July 2006, had made a number of reforms within the agency including efforts to improve the agency's outreach to small businesses impacted by disasters. He had also continued dialogue and alliances with NCUA to increase the number of credit union SBA lenders.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.