Meeting with Treasury highlights credit union needs in GSE reform

In a meeting with Treasury Department staff Monday, America’s Credit Unions President/CEO Jim Nussle and Head of Regulatory Advocacy James Akin voiced credit union priorities related to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.

Nussle and Akin called on Treasury to ensure a level playing field exists for all lenders, to keep mortgage costs steady and predictable for families, and the Federal Housing Finance Agency (FHFA) maintains its role as a strong, independent regulator with full oversight and approval of operations, capital requirements, and prudential standards.

Specific recommendations helpful to credit unions include:  

• Maintaining parity in the small-lender “cash window”;
• A cap on guarantee-fee increases that are used to build capital;
• Preserving the uniform mortgage-backed security; and
• Creating a permanent Small-Lender Advisory Council. 

America’s Credit Unions will continue to advocate on behalf of the industry on this topic, ensuring that any GSE reforms prioritize equitable access and avoid creating barriers for smaller institutions.