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NAFCU letter applauding credit union parity in HFSC markup of H.R. 4042

Re: Parity Needed for Credit Unions in H.R. 4042

Dear Representatives Luetkemeyer and Perlmutter:
On behalf of the National Association of Federal Credit Unions (NAFCU), the only trade association that exclusively represents the interests of our nation’s federal credit unions, I write regarding today’s House Financial Services Committee markup of your legislation, the Community Bank Mortgage Servicing Asset Capital Requirements Study Act (H.R. 4042).

This legislation would delay the implementation of Basel III regulations on mortgage servicing assets until an impact study is conducted and alternatives are explored. Given the circumstances credit unions find themselves in with NCUA’s risk-based capital proposal, NAFCU believes this legislation is an appropriate vehicle to include a similar study requirement to be carried out by NCUA pertaining to its proposal and we would urge this parity be given for credit unions as it relates to NCUA’s risk-based capital proposal.

NAFCU applauds you, and Chairman Hensarling, for the support for including credit union parity language in the bill before it moves to the House floor. We thank you for your leadership on this matter and look forward to working with you to achieve this parity as H.R. 4042 moves forward.

Thank you for the opportunity to share our thoughts on this important issue for credit unions. If you have any questions or would like further information, please do not hesitate to contact me or NAFCU’s Vice President of Legislative Affairs, Brad Thaler, at (703) 842-2204 orbthaler@nafcu.org

Sincerely,

B. Dan Berger

President and CEO