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FOR IMMEDIATE RELEASE

Washington (Jan. 30, 2018) --National Association of Federally-Insured Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt today wrotetoSenate Banking Committee Chairman Mike Crapo, R-Idaho and Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio offering support forthe Federal Housing Finance Agency's (FHFA) views on housing finance reform.

"We agree with the FHFA that the current conservatorship of Fannie Mae and Freddie Mac (the GSEs) is unsustainable in the long term and a legislative solution is needed. In particular, NAFCU is pleased to see an emphasis placed on providing a level playing field for institutions of all sizes to access the secondary market," said Hunt. "Any reform bill must include legislative text that guarantees credit unions unfettered access to the secondary market and a level playing field in terms of fair pricing based on loan quality instead of loan volume.

"On the regulatory front, NAFCU will continue to work to ensure that credit unions' access to the secondary market is not hampered by regulatory actions. The FHFA, under the leadership of Director Watt, has been receptive to credit union needs in general, but NAFCU will continue to monitor rulemakings, including those relative to the Federal Home Loan Banks (FHLBs) as they are another crucial source of liquidity for credit unions," Hunt continued.

In the letter, NAFCU also includes the associations'Housing Finance Reform Principles, which outlines NAFCU's legislative and regulatory efforts in housing finance reform.

In October 2017,Rick Stafford,Pesident/CEO of Tower FCU,testifiedon behalf of NAFCU before the House Financial Services Subcommittee on Housing and Insurance highlighting the importance of credit unions continuing to have unfettered access to the secondary market.

For full text of the letter, please click here.

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor@NAFCUon Twitter.