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NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt is set to deliver the association's first testimony of the 116th Congress today before the Senate Banking Committee. During her testimony, Hunt will stress the importance of ensuring access to the secondary mortgage market for credit unions and their 116 million members.

Hunt is testifying during the second of two hearings focused on Senate Banking Committee Chairman Mike Crapo's, R-Idaho, housing finance reform proposal, which includes some provisions that align with NAFCU's position on reform. Today's hearing is set to begin at 10 a.m. Eastern.

In prepared testimony, Hunt will highlight credit unions' unique function in delivering necessary financial services to Americans and how the industry utilizes government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, Ginnie Mae and the Federal Home Loan Bank system to meet their housing finance needs.

NAFCU testified 12 times before the 115th Congress, including twice before the House Financial Services Committee on housing finance reform.

During Tuesday's hearing, a number of NAFCU's core principles for housing finance reform were discussed, including the continued implementation of the common securitization platform and single security. Panelists also indicated that the proposal would positively benefit small lenders such as credit unions because each guarantor in the multiple guarantor system would have a cash window.