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NAFCU’s Moore provides remarks at FHFA’s fintech listening session
The Federal Housing Finance Agency (FHFA) Thursday held a listening session on financial technology in housing finance where NAFCU Senior Regulatory Affairs Counsel Aminah Moore provided remarks.
During her remarks, Moore expressed support for further innovation in the housing finance space but offered a recommendation that the FHFA “remain consistent in the integration of fintech for all of its regulated entities and coordinate with the other federal and state financial regulators as appropriate.”
In addition, Moore defined fintech in the housing finance sector as “the integration of technology in the home buying process,” specifically noting that integration can happen “at any and all stages from beginning to end.”
Of note, the FHFA in July announced the establishment of the Office of Financial Technology, which will serve as a source of information to support the FHFA in introducing and assessing risks of emerging fintechs. The FHFA also issued an accompanying request for comment (RFC) seeking public input on the role of technology in housing finance to gain a broader understanding of the level of innovation throughout the mortgage lifecycle. NAFCU broke down the RFC and solicited feedback from members via a Regulatory Alert sent in July. Comments in response to the RFC are due to the FHFA October 16.
During the listening session, Moore also explained that the FHFA should consider the risks and benefits of fintech in housing finance, as well as parties’ willingness to accept financial innovation, especially underserved, low-income borrowers.
NAFCU has long supported innovation in the financial marketplace and a level playing field between credit unions and other non-bank entities. The association continues to work with the FHFA and ensure agencies provide the appropriate oversight over emerging financial technologies.
As a leader in housing finance reform efforts, NAFCU advocates for credit unions' ability to help provide safe, sustainable, and equitable housing for all communities.