WASHINGTON — After nearly two years at the helm of the Small Business Administration, on April 18 Steve Preston unexpectedly accepted the position of Secretary of the Department of Housing and Urban Development, according to SBA spokesman Mike Stamler.
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."
On March 31, HUD Secretary Alphonso Jackson announced his plans to leave the agency after legislators called for him to resign as a result of a federal criminal investigation of contracts the agency awarded. His last day on the job was April 18, the same day Preston accepted the nomination.
Preston, who has served as SBA administrator since July 2006, made a number of reforms within the agency, including efforts to improve the agency's outreach to small businesses impacted by disasters. Under Preston's tenure, the number of SBA credit union lenders increased to nearly 400. CUNA President/CEO Dan Mica met with Preston in February to mark the five-year anniversary that credit unions were granted expansion to offer SBA loans regardless of their charter. SBA vowed to work harder to streamline processes for lenders and bring more credit unions to the agency's loan programs.
Both CUNA and NAFCU said Preston is the ideal candidate to head HUD.
"We applaud him…and for bringing his problem-solving talents to bear at the agency," said Mary Dunn, CUNA deputy general counsel and senior vice president of regulatory advocacy. "From all reports, HUD is in need of such skills and we are hopeful he will combine his concern for efficiency with compassion for those who in this time of mortgage crisis, need housing assistance and related services."
NAFCU President/CEO Fred Becker said the trade group "applauds Steve Preston's willingness to take over as head of the government's housing agency during this time of crisis in the housing market."
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