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 » Ginnie Mae Recognizes Credit Unions as Regulated Depositories
Press

Ginnie Mae Recognizes Credit Unions as Regulated Depositories

August 5, 2022

FOR IMMEDIATE RELEASE   
August 5, 2022
Washington, D.C.

The Government National Mortgage Association (Ginnie Mae or GNMA) issued an amendment to its mortgage-backed securities guide, removing credit unions’ categorization as non-bank mortgage lenders and recognizing them as insured depositories regulated by a prudential regulator. CUNA has engaged with Ginnie Mae on this topic several times in recent months to get the categorization altered.   

“We thank Ginnie Mae for listening to our concerns and correcting credit unions’ categorization as non-bank mortgage lenders,” said CUNA President/CEO Jim Nussle. “This change properly recognizes credit unions’ long history of safety and soundness.”  

Ginnie Mae excluding credit unions from the definition of “depository institutions” and “banks” did not take into account that credit unions’ are subject to regulatory oversight, have broad and stable access to liquidity, and are subject to capital requirements by NCUA.   

CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan detailed CUNA’s concerns with the incorrect categorization of credit unions in an op-ed in August 2021. CUNA also responded to a request for information and met with Ginnie Mae President Alanna McCargo in March.    

###     

About CUNA:           
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 130 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.

CONTACT:          
Kandie Stroud
CUNA Communications        
771-201-1065      

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Voting opens for East Region

  • Mascot Madness: East winner crowned; Midwest voting opens

  • League leaders highlight credit union difference, safety, soundness

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which Midwest Region mascot is your favorite?

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