NCUA Chairman Todd Harper spoke at the American Credit Union Mortgage Association's 2023 Annual Conference Wednesday, discussing the housing market, consumer challenges, and more. 

"Today, credit unions hold about 5 percent of all outstanding mortgage debt in the U.S., including a large and growing percentage of second mortgages. While this market share is small when compared to that of banks and non-bank lenders, credit unions play an important role in fostering home ownership in communities nationwide, especially in rural or underserved areas and communities often overlooked by traditional financial institutions," he said. 

"Nevertheless, today we continue to see several hurdles affecting the American consumer’s ability to purchase a home, maintain a balanced household budget and gain fair and equal access to credit. These challenges and how they impact credit union performance, and the regulatory environment are the focus of my remarks today," he added. 

Harper also addressed:

• The "complicated" housing market, which features "relatively solid" mortgage performance, but higher mortgage rates and low inventory. 
• Signs NCUA has seen of "significant financial strain in household budgets," including rising delinquency rates for various consumer loans, including auto loans and credit cards.
• Appraisal bias and NCUA's efforts to combat it.
• The importance of consumer financial protection.