WASHINGTON (4/15/14)--Policymakers must be mindful of the existing regulatory obligations of credit unions and other mortgage servicers as discussions on housing finance reform proceed.That was one of the messages delivered by the Credit Union National Association at a Monday meeting with White House and U.S. Treasury staff.
At the White House meeting, CUNA noted that a pending Senate bill to revamp the housing finance system proposes creation of a new regulatory authority over mortgage servicing operations. CUNA stressed that policymakers must proceed judiciously and not layer additional regulatory authority on top of existing regulatory regimes that address mortgage servicing.
CUNA also underscored on credit unions' behalf that a new system must ensure that the housing finance market remains accessible to credit unions and other smaller institutions and that structure must be in place to prohibit domination by the country's biggest banks.
The meeting was part of a series of stakeholders' sessions that have been being held as the Senate Banking Committee prepares to consider the Johnson-Crapo housing finance reform bill on April 29. (See related story: New FHFA director meets with CUNA on housing, mortgage issues.)