April 15, 2014

On the Hill, NAFCU housing finance concerns heard

April 16, 2014 – NAFCU's concerns about the potential impact of a draft Senate housing finance reform proposal on credit unions' secondary mortgage market access are being heard by the draft plan's chief sponsors, according to reports.

Crapo-headshotMike Crapo

POLITICO on Tuesday quoted Sen. Mike, Crapo, R-Idaho, ranking member of the Senate Banking Committee and half of the team that put together the Johnson-Crapo draft reform package, acknowledging industry concerns that reform measures drafted thus far could give too much control of the secondary mortgage market to the largest banks.

In the report, Crapo is quoted saying he and Senate Banking Chairman Tim Johnson, D-S.D., are sensitive to such concerns and are thinking about changes to the plan.

NAFCU, working jointly with CUNA and the Independent Community Bankers of America, wrote the authors of the draft Johnson-Crapo housing finance reform draft last week to urge that any final reform package ensure credit unions full, competitive access to the secondary mortgage market and fair pricing.

The Johnson-Crapo draft is currently slated for an April 29 mark-up. NAFCU is continuing discussions with lawmakers, the White House and administration about housing finance reform and credit unions' continued role in the housing finance system.