March 17, 2014 – Senate Banking Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, just yesterday released the details of the housing reform draft they have agreed on, but one panel member is already urging plenty of time for review and markup.
The senators, in an announcement released on the eve of a week-long recess, said their legislation would:
Speaking last week, Sen. Elizabeth Warren, D-Mass., a committee member, said when the bill language is released, the committee should be in no hurry to rush it to markup and instead give the panel plenty of time for review (American Banker, March 13).
NAFCU, which is reviewing the bill text, is working closely with Congress to ensure that any final reform measure includes government-guaranteed access for credit unions to the secondary mortgage market and loan pricing based on loan quality, not quantity.,
NAFCU lobbyists noted that while the release of the measure is a big step, there are many issues still to be resolved before any GSE reform is finalized by both chambers of Congress.