Ginnie Mae recognizes credit unions as regulated depositories

WASHINGTON, DC (August 5, 2022) — The Government National Mortgage Association (Ginnie Mae or GNMA) issued an amendment to its mortgage-backed securities guide, removing credit unions’ categorization as non-bank mortgage lenders and recognizing them as insured depositories regulated by a prudential regulator. CUNA has engaged with Ginnie Mae on this topic several times in recent months to get the categorization altered.

“We thank Ginnie Mae for listening to our concerns and correcting credit unions’ categorization as non-bank mortgage lenders,” said CUNA President/CEO Jim Nussle. “This change properly recognizes credit unions’ long history of safety and soundness.”

Ginnie Mae excluding credit unions from the definition of “depository institutions” and “banks” did not take into account that credit unions’ are subject to regulatory oversight, have broad and stable access to liquidity, and are subject to capital requirements by NCUA.

CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan detailed CUNA’s concerns with the incorrect categorization of credit unions in an op-ed in August 2021. CUNA also responded to a request for information and met with Ginnie Mae President Alanna McCargo in March.

About CUNA

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit


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