WASHINGTON (4/1/14)--In a meeting at the White House complex yesterday, Credit Union National Association General Counsel Eric Richard urged Obama administration officials to consider field-of-membership limitations on credit unions as the officials review issues relating to credit accessibility for borrowers of varying incomes.
The meeting was one of a series that White House staff have held to discuss housing finance policy issues with myriad stakeholders as the Senate Banking Committee prepares to consider the Johnson-Crapo housing finance reform bill (S. 1217) on April 29.
In fact, just last week CUNA Chief Economist Bill Hampel and General Counsel Eric Richard represented credit unions in another such stakeholders' session investigating reform options.
At Monday's meeting, Deputy General Counsel Mary Dunn recommended that the administration facilitate the extension of loans that do not fit the qualified mortgage provisions if the Ability-to-Repay factors have been met and consider incentives for credit unions to continue making high-performing mortgages.
CUNA urges the U.S. Congress and the Obama administration, as they consider comprehensive housing finance reform, to ensure that credit unions and other community financial institutions continue to have access to the secondary mortgage market.
CUNA has highlighted many credit union priorities for reform, including:
- Allowing credit unions to continue to offer mortgage products with predictable payments, like the 30-year fixed-rate mortgage; and
- Ensuring the transition to a new system is smooth.
Housing finance reform is a huge issue in the current Congress, with the Senate Banking Committee markup in the offing on its housing finance reform legislation. Housing finance reform bills have also been released by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Ranking Minority Member Maxine Waters (D-Calif.).