CUNA is now America's Credit Unions.
A stronger voice to advance the credit union industry.
Credit unions provide a vital partnership in helping the Federal Housing Finance Agency (FHFA) achieve its housing mission and goals, CUNA wrote to House Financial Services Committee leaders Tuesday for its hearing on FHFA oversight.
“During 2022, credit unions originated $237 billion in first-lien mortgages, and they sold more than 16% of those mortgage loans into the secondary market,” CUNA wrote. “Therefore, credit unions have a considerable interest in ensuring that the FHFA-regulated entities, which include [Government-sponsored Enterprises Fannie Mae and Freddie Mac] and the Federal Home Loan Bank System (FHLBanks), operate effectively and efficiently and satisfy their core missions to benefit low- and moderate-income borrowers and communities.
“CUNA has continuously championed that the housing finance system must ensure that lenders of all sizes have equal access to the secondary mortgage market,” it adds. “Moreover, the Enterprises “must be subject to appropriate regulatory and supervisory oversight to ensure safety and soundness.”
Other highlights include: