Credit Union National Association Shares Comments on Senate Banking Cmte Nomination Hearing
FOR IMMEDIATE RELEASE
Washington, DC – (February 14, 2019) – Credit Union National Association (CUNA) sent two letters to the Senate Banking Committee today on the nominations of Dr. Mark Calabria to serve as the next Director of the Federal Housing Finance Agency (FHFA) as well as the nominations of Todd Harper and Rodney Hood to the Board of the National Credit Union Administration (NCUA).
CUNA has not historically taken positions on presidential nominations and does not express views on the merits of these nominations. However, as an advocate of America’s credit unions and their 115 million members, the trade association believes it is critical for the effective operation of NCUA that the Board be filled by three members, as required by the Federal Credit Union Act (FCUA).
Strong support for the NCUA’s current status as an independent regulator and insurer remains and credit unions remain willing to pay for their own regulator provided there is sufficient transparency, including with regard to the agency’s budget.
CUNA President/CEO Jim Nussle recognizes recent actions taken by the NCUA that have been positive for credit unions such as: extended examination cycles, streamlined examinations, virtual examinations, field of membership (FOM) litigation, executive order and supplemental capital. Nussle closes the letter with issues in which the NCUA can improve and stresses the importance of coordination with other regulators.
Credit unions play an increasingly important role in the housing finance market and as a result have a vested interest in the ongoing stability of the secondary mortgage market that the next Director of the FHFA will help oversee. CUNA outlines several housing finance system principles that the new Director of the FHFA should look to prioritize including equal access, affordability, reasonable and orderly transition, strong oversight and supervision, durability and preservation of what works.
Nussle encourages the next FHFA Director to build upon and strengthen the existing partnerships between credit unions, Government-Sponsored Enterprises (GSEs) And Federal Home Loan Banks by ensuring access to responsible and affordable mortgage credit for millions of credit union members.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.