NAFCU sees new opportunity for housing finance reform
WASHINGTON, DC (June 25, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today sent a letter to Treasury Secretary Steven Mnuchin responding to President Donald Trump’s recent proposal, “Reform the Federal Role in Mortgage Financing,” which was outlined in the administration’s broader agency reorganization plan In August, Berger and several NAFCU-member credit union leaders met with Mnuchin and reiterated the association’s core principles for housing finance reform for inclusion in any final reform measures. NAFCU also met with Treasury Counselor Craig Phillips in January to discuss housing finance reform principles.
“NAFCU and its member credit unions strongly encourage you and the rest of the Administration to work with Congress to develop a comprehensive solution to reforming the housing finance system,” Berger wrote. “There are several legislative blueprints that currently exist, which could provide a starting point for crafting a successful bipartisan bill to achieve reform. In the absence of a legislative fix, NAFCU urges the Administration to convene listening sessions and other opportunities for stakeholders to participate in the development of a more concrete plan to reform the nation’s housing finance system.”
In the letter, Berger said “NAFCU supports a strong, competitive housing finance system that provides credit unions with the opportunity to access the secondary mortgage market through Fannie Mae and Freddie Mac (GSEs), or other private guarantors, and obtain the liquidity necessary to provide more American families with the opportunity to achieve homeownership.” He emphasized the need of a government guarantee, fair pricing, and a strong federal regulator in order to protect American taxpayers.
NAFCU has engaged with key lawmakers and agency officials – including Mnuchin, Federal Housing Finance Agency Director Mel Watt, Department of Housing and Urban Development Secretary Ben Carson – throughout its efforts to achieve credit unions’ housing finance priorities.
For full text of the letter, click here.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.