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NAFCU offers FHFA recommendations on its 2022-2026 draft strategic plan
NAFCU Regulatory Affairs Counsel Aminah Moore wrote to the Federal Housing Finance Agency (FHFA) Friday in response to its draft strategic plan for fiscal years 2022-2026, commending the agency on its commitment to promoting sustainable and equitable access to mortgage credit and protecting the safety and soundness of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as the Federal Home Loan Bank (FHLB) system.
Moore highlighted the importance the role of GSEs and FHLBs serving as a reliable source of liquidity and funding for housing finance and community investment, noting that credit unions rely on access to the secondary mortgage market for the liquidity needed to make more loans to their members. NAFCU has long supported a strong regulatory and supervisory framework that protects the safety and soundness of both regulated entities.
In addition, Moore offered several recommendations for the FHFA that would further their achievement of the goals in the draft strategic plan, including:
- using technology to aid in appraisal modernization;
- the creation and approval of pilot programs to close the homeownership gap; and
- continued collaboration with other regulators to address climate risk.
As a leader in housing finance reform efforts, NAFCU advocates for credit unions' unfettered access to the secondary mortgage market and will continue to work closely with the FHFA to ensure credit union voices are heard.