Dodd-Frank law, housing reform in Congress’ view

Jan. 7, 2013 – Oversight of Dodd-Frank Act implementation, targeted changes to that law and continued efforts to craft a housing finance reform package are expected to be key concerns for the 113th Congress, and NAFCU will be close to the action on these, which are among the association’s top priorities for 2013.

Much of that action, and debate, is expected to arise in the House Financial Services Committee, which has new leadership this year: Chairman Jeb Hensarling, R-Texas, and Ranking Member Maxine Waters, D-Calif. Hensarling has been highly critical of the financial reform package and its creation of a new agency, the CFPB, and is not a fan of the housing government-sponsored enterprises.

NAFCU has lodged concerns with lawmakers and regulators over the need to prevent the growth of undue regulatory burdens for credit unions, whether they come from the Dodd-Frank Act or elsewhere.

The association has forged an amicable working relationship with the CFPB and its director, Richard Cordray, but it also supports improving the bureau’s structure and making it less difficult for the Financial Stability Oversight Council to overturn of CFPB rules that are detrimental to credit unions and their members. And while it recognizes the need for housing finance reform, NAFCU is working to ensure that any such reform preserves credit unions’ access to an impartial secondary mortgage market.

The 113th Congress convened Thursday and will return for a joint session Jan. 21 for the presidential inauguration and related activities. The Senate is out until then; the House is out this week but is scheduled to convene for a brief period beginning Jan. 14.