CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUNA brings short, long-term CU priorities to acting FHFA director
Policy & Issues

CUNA brings short, long-term CU priorities to acting FHFA director

June 30, 2021
Compliance: Data points covered by S. 2155 HMDA exemption

Several Federal Housing Finance Agency (FHFA) issues require immediate attention, CUNA wrote new FHFA Director Sandra Thompson Wednesday. Thompson was named acting director last week by President Joe Biden after the U.S. Supreme Court found the director could be removed at will by the president.

CUNA also reiterated its principles for housing finance reform, which outlines necessary considerations for credit unions in the reformation of our housing finance system. CUNA continues to support the goal of an eventual exit from conservatorship by the Fannie Mae and Freddie Mac responsibly without sacrificing equitable access and pricing to the secondary market for lenders of all sizes and charter types.

Short term priorities include calling on FHFA to:

  • Rescind the 0.5% adverse market fee for certain refinanced mortgages purchased by Fannie Mae and Freddie Mac in order to lower the cost of refinancing for consumers.
  • Revise its policies regarding the purchase of loans which qualify as qualified mortgages under the Consumer Financial Protection Bureau’s (CFPB) current regulatory framework.
  • Restructure the GSEs’ approach to implementing the 7% cap on investment and second home loans.
  • Revisit the fourth set of amendments to the Amended and Restated Preferred Stock Purchase Agreement with the Treasury at the first opportunity.

In the longer term, CUNA calls on the FHFA to:

  • Work with credit unions to further its mission to support sustainable and affordable homeownership.
  • Carefully examine the education and training requirements for appraisers to ensure they not only understand the existing obligations under the Fair Housing Act, but that they also receive training on implicit and unconscious bias.
  • Take actions to allow the Federal Home Loan Banks (FHLBanks) to meet their mission, including:
    • Ensuring individual FHLBanks retain the ability to exercise their own discretion, given that they have more understanding of their communities and their risks.
    • Allowing them to provide ancillary services that should not require insured depositories to maintain membership.
    • Protecting their ability to operate in a financially safe and sound fashion to serve primarily as a source of liquidity for the housing finance system.

KEYWORDS FHFA
Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • Reps introduce bipartisan Credit Union Board Modernization Act

  • Compliance: Experts analyze NCUA’s 2023 supervisory priorities

  • CFPB must convene SBREFA panel for credit card fee rulemaking

Tweets by CUNA_News

Polls

How do you feel about the economy in 2023?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us