Newsroom
NAFCU expresses concerns with recent amendments to the PSPAs
NAFCU joined with a group of financial trade associations this week to request meetings with both the Treasury and the Federal Housing Finance Agency (FHFA) regarding the amendments to the Preferred Stock Purchase Agreements (PSPAs) for Fannie Mae and Freddie Mac (GSEs) and their impacts on the housing market.
"We are very concerned about the various product and program constraints previously agreed by the U.S. Department of the Treasury and the FHFA,” wrote the trade organizations in the letter. "We request that the Treasury and FHFA move quickly to amend the PSPAs to remove the product and program restrictions, including the cash window, to help communities in need to get access to affordable mortgage credit."
The groups argued that these constraints represent a fundamental change to the functioning of the secondary mortgage market and were designed to “shrink the GSEs’ business going forward.” Not only will the change negatively impact low-and moderate-income communities and communities of color, but they also set arbitrary and inflexible limits on the GSEs’ acquisitions and the operation of the cash window. Additionally, the group argues that the cap on the cash window may force other community mortgage lenders to limit their lending, which would hurt communities.
"It is critical than any future product and program changes, or restrictions that could limit access to affordable mortgage credit – especially for low- and moderate-income borrowers and communities of color – are done in a transparent manner,” concluded the group. “Supported by thorough analysis on the impacts to the housing market and the GSEs.”
Read the full letter. NAFCU will continue to work with the Treasury and the FHFA to advocate for policies that do not create additional burdens on credit unions and expand access to credit for those who are unbanked or underbanked.
Share This
Related Resources
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E 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 April 11, 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
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.