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Oct. 8, 2013 – NAFCU lobbyists will attend two important hearings held by the Senate Banking Committee this week focusing on the approaching debt ceiling deadline and the multifamily housing finance system.

One of these, "Housing Finance Reform: Essential Elements of the Multifamily Housing Finance System," will be held tomorrow. It will feature testimony from witnesses for the National Multi Housing Council and National Apartment Association, Mortgage Bankers Association, Beekman Advisors and Enterprise Community Partners Inc.

The second hearing, scheduled for Oct. 10, is titled "Impact of a Default on Financial Stability and Economic Growth." Witnesses will include the president and CEO of the American Bankers Association, the president of Securities Industry and Financial Markets Association, the president of the National Association of Realtors and the president and CEO of Investment Company Institute.

Last week, NAFCU President and CEO Dan Berger wrote to congressional leaders and the president to urge action to prevent a federal government default on debt. Oct. 17 is the deadline for raising the ceiling to avoid such default. Berger, in his letters, highlighted the importance of the debt limit issue for NAFCU members and said even the perception that the debt limit may not be addressed could be dangerous for the economy.