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News Now

Washington
Committee To Vote On Housing Finance Reform Bill This Week
WASHINGTON (7/22/13)--The House Financial Services Committee has scheduled a mark-up session for the Protecting American Taxpayers and Homeowners (PATH) Act of 2013 for Tuesday, to begin at 10:15 a.m. (ET).
 
It was a discussion draft of that legislation that was the subject of the committee's hearing last Thursday. 
 
Although the bill had not yet been formally introduced by its author, House Financial Services Committee Chair Jeb Hensarling (R-Texas), as of this writing, it will be before the mark up session proceeds. The mark up session is expected to last two days.
 
During last week's hearing, it was clear that there was a partisan divide regarding support for the bill.  Republican committee members mostly hailed it as the way to "create a sustainable housing finance system." Many Democrats expressed worry that it would kill availability of the traditional 30-year, fixed rate mortgage for many Americans.
 
The Credit Union National Association supports regulatory relief provisions found in the draft language, but has preliminary concerns on behalf of credit unions regarding some provisions of the PATH Act. For example, CUNA has serious concerns that the PATH Act may not provide credit union members with a sustainable secondary market that can provide the necessary liquidity and structure that will ensure the continuation of long-term, fixed-rate mortgage products.

CUNA is scheduled to testify this week before a Senate Banking subcommittee on the topic of  "Creating a Housing Finance System Built to Last: Ensuring Access for Community Institutions."
 
The hearing, called by the subcommittee on securities, insurance and investment, is scheduled for 90 minutes starting at 3 p.m. (ET).

Also on the Senate side, The Hill reported in one of its newsletters that a compromise bill to reduce federal student loan interest rates could get an early vote on the Senate floor.


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