April 22, 2014

NAFCU member to meet with HUD secretary on Johnson-Crapo draft

April 23, 2014 – Scott Moriarty, the head of mortgage lending at NAFCU member Affinity FCU, will attend a roundtable discussion in New York today with Housing and Urban Development Secretary Shaun Donovan to discuss housing finance reform.

Today's White House Business Council roundtable is coordinated by Business Forward and held at BNY Mellon. The White House Business Council coordinates the Obama administration's interaction with the business community.

Donovan also spoke yesterday about the state of the housing market and housing finance reform at an event with the Bipartisan Policy Center and New York University Robert F. Wagner Graduate School of Public Service.

NAFCU has met with White House and administration officials several times in recent weeks to discuss housing finance reform and the association's thoughts on the draft housing finance reform package proposed by Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho. NAFCU is scheduled to be back at the White House today to discuss the possible transition to a new system with the administration.

The association has pressed for small institutions to have equal, competitive access to the secondary mortgage market in any future housing finance system. It has also expressed concerns about the cost of the proposed reforms, uncertainty with moving toward a new system and made several specific recommendations with other financial trade organizations to improve the discussion draft.

NAFCU's senior staff, in a recent video, updated credit unions on the status of housing reform discussions in Congress and action NAFCU is taking to ensure credit unions' interests in any final housing reform plan. NAFCU President and CEO Dan Berger and senior staff have also met with Federal Housing Finance Agency Director Mel Watt to discuss housing finance reform.