WASHINGTON (6/29/13)--The Credit Union National Association is "ready to work with lawmakers to enact changes that will ensure smaller institutions, such as credit unions, will continue to have fair and affordable access to a vibrant, well-regulated and affordable housing market" as housing market reform efforts move forward, CUNA President/CEO Bill Cheney said Friday in the latest edition of The Cheney Report.
Several senators last week joined to cosponsor bipartisan legislation that would wind down government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac and replace them with a new mortgage guarantor, the Federal Mortgage Insurance Corporation (FMIC). Cheney notes that there are positive aspects of the bill, known as the Housing Finance Reform and Taxpayer Protection Act of 2013.
The bill reflects a number of points that CUNA has worked for--"in particular, assuring access to all financial institutions, especially credit unions, to a functioning mortgage market," Cheney wrote. The CUNA CEO noted that "this is the beginning of what will likely be a long process," and noted that "other important housing finance legislation may soon be surfacing on the U.S. House side."
CUNA Chief Economist Bill Hampel discussed credit union priorities for housing finance market reform during a Friday panel discussion organized and moderated by Rep. Maxine Waters (D-Calif.), the ranking Democrat of the House Financial Services Committee. (See News Now story: Hampel Lays Out Housing Reform Principles In Hill Event)
This week's Cheney Report also includes:
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Past issues of The Cheney Report are also archived on cuna.org.