The Federal Housing Finance Administration could make several policy changes to help credit unions assist members better during the coronavirus disease (COVID-19) pandemic, CUNA wrote to FHFA Director Mark Calabria Tuesday. CUNA thanked the agency for its work in the past month to provide flexibility for lenders to work with borrowers, and noted that its own engagement has helped CUNA identify other helpful policy recommendations.
“While the COVID-19 pandemic has dramatically changed almost every aspect of everyday life, credit unions are standing true to their mission and continuing to assist their members and communities,” the letter reads. “Any liquidity assistance, clear guidance, and regulatory relief the FHFA can provide will greatly help credit unions in their efforts to assist mortgage borrowers in need.”
Recommendations include: