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NAFCU, FHFA meet to discuss CDFI, mortgage credit pilot programs, more
NAFCU staff Tuesday met with FHFA Acting Director Sandra Thompson to discuss programs more targeted towards purchasing mortgages from community development financial institutions (CDFIs) to help underserved borrowers and first-time homebuyers, allowing credit unions the ability to better support these communities. NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Kossachev, and Regulatory Affairs Counsel Aminah Moore were in attendance at the meeting.
The group also discussed the association’s recommendation for the FHFA to consider pilot programs to expand access to mortgage credit for low- and moderate-income individuals, such as a wealth-building loan program that provides a safer path to homeownership for underserved borrowers. The association has encouraged the agency to assist the government-sponsored enterprises (GSEs) in increasing opportunities to help underserved individuals purchase homes.
In addition, the group discussed trends in credit union mortgage lending as well as climate-related risks for credit unions.
The association remains engaged with the FHFA to ensure credit unions are able to provide exemplary mortgage and lending services to consumers.