Housing Finance Reform

Testimony

NAFCU has testified before Congress several times over the last few years on our principles for housing finance reform.

On March 27, 2019, Carrie Hunt, Executive Vice President of Government Affairs and General Counsel of NAFCU, testified before the Senate Banking Committee for a hearing entitled “Chairman’s Housing Reform Outline: Part 2.” Hunt emphasized that credit unions need fair access, fair pricing and a government guarantee from any housing finance reform effort.

On December 21, 2018, Rick Stafford, President/CEO of Tower FCU, testified on behalf of NAFCU before the House Financial Services Committee for a hearing entitled “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Housing Finance Reform Act of 2018.” Stafford shared credit unions' views on housing finance reform and the importance of maintaining secondary market access for the industry.

On October 25, 2017, Rick Stafford, President/CEO of Tower FCU, testified on behalf of NAFCU before the House Financial Services Subcommittee on Housing and Insurance for a hearing entitled “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform.” Stafford noted the longstanding and vital relationship between credit unions and the GSEs, as well as the importance of credit unions continuing to have unfettered access to the secondary market.

On July 20, 2017, Chuck Purvis, President/CEO of Coastal FCU, testified on behalf of NAFCU before the Senate Banking Committee for a hearing entitled “Housing Finance Reform: Maintaining Access for Small Lenders.” Purvis highlighted NAFCU's Housing Finance Reform Principles, particularly the importance of ensuring that credit unions are not priced out of the secondary mortgage market in any GSE reform proposal.