Berger, Fannie Mae CEO talk housing issues
NAFCU President and CEO Dan Berger met Tuesday with Fannie Mae CEO Hugh Frater to discuss issues related to the housing market, including credit unions' mortgage lending trends and access to the government-sponsored enterprises (GSEs).
Berger was joined in the meeting by NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Vice President of Research and Chief Economist Curt Long and Director of Regulatory Affairs Ann Kossachev.
Fannie Mae is a leading source of financing for mortgage lenders in the U.S. The association works closely with the Federal Housing Finance Agency (FHFA) and GSEs to ensure credit unions' mortgage market needs are taken into account in housing goals and process changes.
Last week, FHFA Director Mark Calabria indicated that the GSEs would be released from government conservatorship in the near future, but hoped that Congress would lead the effort by passing housing finance reform first.
NAFCU continues to lead efforts to ensure credit unions' unfettered access to the secondary mortgage market in any housing finance reform and has urged the Trump administration and Congress to work together on a comprehensive solution.
Hunt recently testified before the Senate Banking Committee on credit unions' priorities for housing finance reform, many of which align with Calabria's and the Trump administration's positions on the issue.
In November, NAFCU provided comments to the FHFA on its proposed capital rule for the GSEs. The association generally supports the proposal, but recommended the FHFA allow the GSEs to submit capital restoration plans as allowed under the Housing and Economic Recovery Act (HERA) – a provision that makes clear Congress envisioned a path to remove the GSEs from conservatorship. NAFCU also argued that restoration plans shouldn't be approved until Congress has agreed to codify certain safeguards.
Add to Calendar 2020-09-17 14:00:00 2020-09-17 14:00:00 NCUA’s Subordinated Debt: The Fundamentals and Strategy Having access to capital is incredibly important for any financial depository institution. NCUA has recognized this and as such proposed an amendment to authorize the issuance of subordinated debt by natural person credit unions for purposes of regulatory capital treatment. Currently only low-income credit unions may issue subordinated debt that can count toward their net worth requirement. The proposal allows complex credit unions and new credit unions this option, which will count toward their risk-based capital requirement. This webinar will cover NCUA’s proposal to authorize the issuance of subordinated debt, the process and its usefulness for managing liabilities and capital. It will address the: proposed rule, regulatory approval process, terms of the debt instrument, offering process and eligible investor, reasons to issue subordinated debt and current interest rate environment. Key Takeaways Understand the approval and offering processes Discuss identifying potential investors Review the supplemental capital’s role in longer-term strategic planning Learn the pros and cons and financial impacts of subordinated debt Register Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until September 17, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Executive Vice Presidents (EVPs) Chief Financial Officers (CFOs) Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the approval and offering processes. Discuss identifying potential investors. Review the supplemental capital’s role in longer-term strategic planning. Learn the pros and cons and financial impacts of subordinated debt. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Finance - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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