January 26, 2018

This week: NAFCU talks housing finance reform at Treasury, presses Congress for reg relief

Today, NAFCU leadership meets with Treasury Counselor Craig Phillips to discuss housing finance reform. With both the House and Senate in session this week, NAFCU will continue to advocate that credit union regulatory relief bills be brought to the floor for votes.

During today's meeting with Phillips, NAFCU will share its housing finance reform principles and discuss the importance of credit unions' access to the secondary mortgage market, congressional efforts on housing finance reform and the administration's priorities on the issue. Phillips is in agreement with NAFCU on many of these issues, including a single government-guaranteed mortgage-backed security.

NAFCU President and CEO Dan Berger, Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Vice President of Legislative Affairs Brad Thaler, Chief Economist and Vice President of Research Curt Long, Director of Regulatory Affairs Alexander Monterrubio and Regulatory Affairs Counsel Ann Kossachev will attend the meeting.

Much of Congress' focus this week will likely be on an agreement for longer-term government funding; the current spending measure runs out Feb. 8. Republicans and Democrats continue to hash out details over immigration, defense and non-defense spending and other policy issues.

NAFCU continues to press the House and Senate to pass regulatory relief measures: the House is expected to bring legislation to repeal the NCUA's risk-based capital (RBC) rule to the floor soon, and the Senate is expected to do the same with a regulatory relief package that includes provisions offering relief under the member business lending (MBL) cap and certain Home Mortgage Disclosure Act (HMDA) disclosure requirements.

Through NAFCU's Grassroots Action Center, credit unions can get contact information for their lawmakers to encourage support of these bills, set up local meetings, review background information on the important issues and find the tools they need to take action. Credit unions are encouraged to invite their lawmakers to their financial institutions, write them to ask for support on key legislative efforts and engage with them on social media.

Also happening this week:

  • Today is the last day to provide feedback to NAFCU through its Regulatory Alert on the Federal Housing Finance Agency's (FHFA) request for input on whether to change the current credit score requirements for the government-sponsored enterprises.
  • Tomorrow, Treasury Secretary Steven Mnuchin will discuss the Financial Stability Oversight Council's annual report to Congress with the Senate Banking Committee. More details about the report are available here; the hearing begins at 10 a.m. Eastern.
  • Tomorrow, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing to examine the opportunities and challenges within the fintech marketplace. The hearing begins at 10 a.m. Eastern.
  • Friday is the last day to submit responses to this month's Economic & CU Monitor survey focused on the FHFA's review of alternative credit scores.