Obama meets with financial regulators
Aug. 20, 2013 – President Obama met with the heads of several financial regulatory agencies on Monday, to discuss the progress made so far in implementing the 2010 Dodd-Frank Act.
The event was closed to the press, but the White House listed as invitees the heads of the Securities and Exchange Commission, the Federal Housing Finance Agency, the CFPB, and the Federal Reserve, as well as Treasury Secretary Jack Lew, Comptroller Thomas Curry, and NCUA Chairman Debbie Matz.
White House Press Secretary Josh Earnest previewed the meeting by saying the president would focus on how financial rules can be used to protect middle class families. He also said Obama would discuss “the sense of urgency he feels about getting these regulations under Wall Street reform implemented promptly.”
All attendees are members of the Financial Stability Oversight Council, an organization of financial regulators established by the Dodd-Frank Act. NAFCU has been out front in urging the members of the FSOC to coordinate in the rule making process. NAFCU has also led the effort to reduce the regulatory overburden on credit unions, particularly in the wake of the Dodd-Frank Act and the financial crisis. In February, NAFCU released its five-point plan for regulatory relief, which resulted in H.R. 2572, a proposed regulatory relief package from Rep. Gary Miller, R-Calif.
Obama recently gave a series of speeches on the housing market in which he outlined the elimination of mortgage giants Fannie Mae and Freddie Mac, and said that although the market “is healing,” the government must build on that progress by cutting red tape and making it easier for homeowners to refinance their loans. Obama said he sees “access to safe and simple mortgage products like the 30-year, fixed-rate mortgage” as an integral part of housing reform. He also pushed for the Senate to confirm Rep. Mel Watt, D-N.C., to head the FHFA.
NAFCU will continue to work with Congress and the White House to promote the importance of credit unions having unfettered access to the secondary mortgage market, and attaining fair pricing based on the high quality of their loans.
Credit unions will be able to air their concerns directly with lawmakers about housing finance reform, regulatory relief and preservation of the credit union tax exemption during NAFCU’s Congressional Caucus in Washington Sept. 8-11.
NAFCU Congressional Caucus
NAFCU's five-point plan for regulatory relief