Collins v. Yellen, 594 U.S. ___ (2021),[note 1] was a United States Supreme Court case dealing with the structure of the Federal Housing Finance Agency (FHFA).

The case follows on the Court's prior ruling in Seila Law LLC v. Consumer Financial Protection Bureau,[1] which found that the establishing structure of the Consumer Financial Protection Bureau (CFPB), with a single director who could only be removed from office "for cause", violated the separation of powers; the FHFA shares a similar structure as the CFPB.

In a two-part decision, the Supreme Court ruled that the restriction on removal of the FHFA director by the President was unconstitutional in light of Seila Law, and secondly, dismissed the lawsuit brought against the FHFA by shareholders of Fannie Mae and Freddie Mac as the takeover of these firms was an established power of the agency under terms of the Housing and Economic Recovery Act of 2008.

Analysis had found that the two GSEs had purchased a number of risky mortgages, those offered at below the prime interest rate as to encourage home ownership, during the housing market peak in 2005 and 2006 and represented a large risk should they fail.

In September 2008, Lockhart issued an order to bring in Fannie Mae and Freddie Mac under FHFA's authority for the purposes of stabilizing both GSEs using funds allocated by Congress as a means to alleviate the mortgage crisis.

On the day of the decision, President Joe Biden moved forward with replacing FHFA director, Mark A. Calabria, who had been appointed under Donald Trump, "with an appointee who reflects the Administration's values".