Credit unions play an important role in the housing finance market, and have a vested interest in the ongoing stability of the secondary mortgage market that the next director of the Federal Housing Finance Agency (FHFA) will help oversee, CUNA wrote to the Senate Banking Committee Thursday. The committee heard testimony from several presidential nominee Thursday, including from Mark Calabria, current chief economist to Vice President Mike Pence and nominee to serve as director of the FHFA.
CUNA does not historically take a position on presidential nominees, and does not take any position on the merits of Calabria’s nomination.
“The next FHFA Director can build upon and strengthen the existing partnerships between credit unions, Government-Sponsored Enterprises, and Federal Home Loan Banks by ensuring access to responsible and affordable mortgage credit for millions of credit union members,” the letter reads. “Going forward, CUNA will continue to work with the Agency and its new leadership to accomplish that objective.”
While reforming the current housing finance system, CUNA believes it is essential that the new FHFA director prioritize:
The Senate Banking Committee also heard testimony from NCUA board nominees Rodney Hood and Todd Harper. CUNA submitted a letter on their nominations as well.