Newsroom
Berger, FHFA Acting Director Thompson meet to discuss housing priorities
NAFCU President and CEO Dan Berger and members of NAFCU's award-winning advocacy team yesterday met with FHFA Acting Director Sandra Thompson and Acting Chief of Staff Danielle Walton.
NAFCU Chief Economist and Vice President of Research Curt Long, Director of Regulatory Affairs Ann Kossachev, and Regulatory Affairs Counsel James Akin also attended the meeting.
During the meeting, the group discussed Thompson's priorities as Acting Director of the FHFA as well as several of the association's concerns and priorities, including recent amendments to the government-sponsored enterprises' (GSEs) Preferred Stock Purchase Agreements (PSPAs) and the impact on credit unions' ability to provide temporary GSE qualified mortgages through the GSE Patch.
In addition, Berger recently wrote to Thompson to address how the amendments to the PSPAs diminish new flexibilities brought on by the CFPB's extension of the general qualified mortgage (QM) definition's mandatory compliance date until October of 2022. In the letter, Berger stressed this mismatch, stating that NAFCU "remains concerned about adverse impacts on credit union lenders given the misalignment created by the PSPA amendments."
NAFCU previously joined with several other trade groups in a letter to the Treasury Department and FHFA to reiterate concerns that the purchase limitation and other changes made to the PSPAs would add to the GSEs' compliance costs, could result in increased fees for borrowers and lenders, and reduced access to credit for first-time homebuyers and communities that have been disproportionately impacted by the pandemic.
During the meeting, the association discussed the secondary market for low down payment and down payment assistance loans and NAFCU encouraged the FHFA to consider wealth building home loans and other pilot programs that help borrowers build wealth.
NAFCU will continue to work with the FHFA to ensure the industry's housing priorities are addressed.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.