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Federal Housing Finance Agency Director Mel Watt is slated to testify Nov. 19 before the Senate Banking Committee in an oversight hearing that will focus on "balancing stability, growth and affordability in the mortgage market."

The hearing is expected to look at the various proposals in circulation for reforming the housing finance system. It could also address FHFA's housing goals for Fannie Mae and Freddie Mac, the single-security platform, Fannie and Freddie guarantee fees, proposed revisions to criteria for membership in the Federal Home Loan Banks and more.

The proposed rule on FHLB membership criteria was released with a 60-day comment period, but Watt revised that to a 120-day comment period after urging by NAFCU for a 60-day extension and from Senate Banking Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, in their own letter sent jointly to urge more time.

NAFCU met with FHFA in early October to discuss the proposed rule's impact on credit unions. Some of the revisions could persuade some credit unions to cease FHLB membership and discourage others from applying.

NAFCU has also urged FHFA against increases in guarantee fees. Meanwhile, it is working to ensure that any future housing finance reform ensure credit unions equal access to the secondary market and pricing based on loan quality, not volume.

The Nov. 19 hearing is slated from 10 a.m.-noon Eastern.