WASHINGTON, DC (July 24, 2013) -- The National Association of Federal Credit Unions (NAFCU) today issued the following statement regarding the House Financial Services Committee’s mark-up and reporting out of H.R. 2767, "the Protecting American Taxpayers and Homeowners (PATH) Act,” which was introduced by Reps. Scott Garrett, R-N.J., Shelley Moore Capito, R-W.Va., Patrick McHenry, R-N.C., Randy Neugebauer, R-Texas, and Chairman Jeb Hensarling, R-Texas on Monday. The legislation would phase out Fannie Mae and Freddie Mac over a five-year period.
“In any housing reform effort, credit unions need continued unfettered access to a secondary mortgage market that recognizes the quality of their loans through fair pricing. While NAFCU supports the Title IV provisions which would ease credit unions’ regulatory burden under the CFPB mortgage rules, we remain concerned about how credit unions would be affected if the government’s role in housing finance is curtailed,” said Brad Thaler, NAFCU vice president of legislative affairs. “We will continue to monitor the bill’s progress. We look forward to working with Chairman Hensarling, the bill’s sponsors and members of the House as it moves forward to ensure credit unions’ concerns are addressed in any final legislation.”