The Federal Housing Finance Agency should work to ensure that Fannie Mae and Freddie Mac activities, including credit risk transfers, do not give advantages to lenders that conduct larger amount of business with the enterprises, CUNA believes.
CUNA met with Federal Housing Finance Agency Wednesday to urge the agency to reconsider adding language preference to its Uniform Residential Loan Application. This week 55 members of Congress sent a letter to FHFA Director Mel Watt with concerns.
Loan level price adjustments charged by government-sponsored enterprises Fannie Mae and Freddie Mac need to be reduced or eliminated, CUNA and other organizations wrote to Federal Housing Finance Agency Director Mel Watt this week.
CUNA joined with several other trade organizations this week to raise compliance and legal concerns with the Federal Housing Finance Agency’s potential change to the new Uniform Residential Loan Application asking borrowers to indicate their language preference.
WASHINGTON (3/18/16)--CUNA generally believes enabling and maximizing the purchasing and guaranteeing of private market loans is the best approach for the Federal Housing Finance Agency’s oversight of Fannie Mae and Freddie Mac.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.