June 14, 2019

NAFCU, CUs meet with FHFA's Calabria

Kossachev, Calabria
NAFCU's Ann Kossachev (left) with FHFA Director Mark Calabria following his hearing with the Senate Banking Committee in February.

NAFCU President and CEO Dan Berger, other association senior staff and leaders from NAFCU-member credit unions will meet today with Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria. The meeting comes as the agency works on housing finance reform plans.

The credit union representatives participating in today's meeting include:

  • David Brooks, senior vice president, chief lending officer and director of banking services at ESL Federal Credit Union;
  • Sterling Grubbs, chief of mortgage services at MidFlorida Credit Union;
  • Larry Jones, senior vice president of lending at Bethpage Federal Credit Union;
  • Richard Morris, senior vice president of real estate lending at Navy Federal Credit Union; 
  • Benson Porter, president and CEO of Boeing Employees Federal Credit Union; and
  • Rick Stafford, president and CEO of Tower Federal Credit Union.

Earlier this week, FHFA released its annual Report to Congress, which included support for a number of NAFCU's housing finance reform principles. Calabria also asked Congress to strengthen the FHFA's powers and enhance its regulatory authority, in addition to amending 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 for Congress.

Calabria also recently indicated that the GSEs would be released from government conservatorship in the near future, and the Treasury Department continues to make progress on its housing finance reform plan.

The association has met with Calabria numerous times before to share its housing finance reform priorities. NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt and Director of Regulatory Affairs Ann Kossachev will join Berger and the credit union leaders at today's meeting.