CUNA Chief Advocacy Officer Ryan Donovan discussed the latest on the proposed GSE refinance fee in this week’s Advocacy Update. CUNA continues is strong opposition to the fee, as outlined in a statement and letter to the Federal Housing Finance Agency (FHFA), and Donovan notes that both the White House and Congressional officials (including a bipartisan group of Senators) have expressed opposition to the fee.
CUNA is among the entities engaged with FHFA in recent days, and Donovan notes the agency has expressed fear of GSE failure without the fee, which is scheduled to take effect Sept. 1. Donovan notes that the Sept. 1 date will have effects on refinances already locked in.
The primary political event this week is the Republican National Convention, in which President Donald Trump and Vice President Mike Pence will be re-nominated by their party for another term.
CUNA does not make endorsements in presidential elections, but Donovan notes that Trump and Pence, in addition to Democratic Presidential nominee Joe Biden and Vice-Presidential nominee Sen. Kamala Harris (D-Calif.), have all been supportive of credit unions throughout their political careers.
Donovan also reminded credit unions of several upcoming regulatory comment deadlines, including on NCUA’s Request for Information on strategies for future examinations and supervision utilizing digital technology, due Aug. 31.
The full update can be found below.