January 10, 2019

Trump sends Calabria nomination to head FHFA to Senate

capitolMark Calabria, chief economist for Vice President Mike Pence, has been nominated to lead the Federal Housing Finance Agency (FHFA). Ensuring credit unions have unfettered access to the secondary mortgage market and fair pricing based on loan quality – not quantity – in any housing finance reform efforts remains a NAFCU priority.

Currently, Comptroller of the Currency Joseph Otting is serving as acting director of the agency since former Director Mel Watt's departure Jan. 6.

If confirmed, Calabria would serve a five-year term. His nomination now awaits Senate action.

NAFCU staff met with Calabria last month and again in September to discuss housing finance reform and credit unions' regulatory burden.

NAFCU has urged the administration and Congress to work together on a comprehensive solution to housing finance reform, and has argued that the continued conservatorship of the government-sponsored enterprises (GSEs) is unsustainable – a view shared by Calabria.

NAFCU has previously shared its core principles for housing financial reform that should be included in any final reform measures with Calabria, lawmakers and numerous officials in the Trump administration.