June 17, 2019

Housing insights from Calabria featured in CFO, compliance networks

FHFA meeting
NAFCU member credit unions with FHFA Director Mark Calabria (left center).

Following Friday's meeting with Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria and NAFCU leaders and member credit unions, NAFCU Director of Regulatory Affairs Ann Kossachev provided an update to members through its CFO and Compliance, Risk & BSA Networks.

Housing finance reform efforts are well underway on Capitol Hill, with federal agencies and Congress considering various plans. Last week, FHFA released its annual Report to Congress, which included support for a number of NAFCU's housing finance reform principles.

During Friday's meeting, Calabria reiterated the need to ensure fair pricing and equal access to lenders of all size. He also indicated that the government-sponsored enterprises (GSEs) could begin rebuilding capital soon.

In the Report to Congress, Calabria asked Congress to amend its statute to allow it to develop more tailored capital and leverage standards for the government-sponsored enterprises. According to the agency's spring rulemaking agenda, it plans to finalize its capital requirements proposal this summer (read NAFCU's position here), which could be impacted by this request to Congress.

NAFCU will continue to lead efforts to ensure credit unions' interests are represented in any final housing finance reform.

Member credit unions can read the full update from Kossachev here.