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NAFCU President and CEO Dan Berger and senior staff met with Federal Housing Finance Agency Director Mel Watt yesterday to discuss credit union concerns regarding the agency's housing finance initiatives, the final duty-to-serve rule and more.

NAFCU Vice President of Legislative Affairs Brad Thaler, Director of Regulatory Affairs Alexander Monterrubio and Regulatory Affairs Counsel Ann Kossachev also attended the meeting.

"We appreciate Director Watt and his staff taking the time to discuss credit unions' priorities and concerns regarding housing finance," said Berger. "We look forward to collaborating further with the FHFA to ensure credit unions are included in a level playing field of participation in the secondary mortgage market."

Under the final rule, and as urged by NAFCU, the FHFA is allowing credit unions that have experience making chattel loans for manufactured housing to be eligible for duty-to-serve credit.

The meeting also focused on the planned common securitization platform, front-end credit risk recourse transactions and credit union participation in the Federal Home Loan Banks.

NAFCU will continue to advocate for housing reform that guarantees access for credit unions to the secondary mortgage market, and fair prices based on loan quality rather than volume.