Background
Since 2008, when the GSEs were placed into conservatorship, the future of the housing finance system has become an important topic of debate among lawmakers. NAFCU and its members have been intimately involved in housing finance reform efforts in Congress since that time. Representatives from several of NAFCU’s member credit unions have provided testimony on various legislative proposals, including the Protecting American Taxpayers and Homeowners (PATH) Act and the Housing Finance Reform and Taxpayer Protection Act introduced by Senators Bob Corker (R-TN) and Mark Warner (D-VA). These testimonies provided Congress with vital insight into the credit union perspective on the secondary mortgage market.
NAFCU also participated in the discussion surrounding the Housing Finance Reform and Taxpayer Protection Act of 2014 (Johnson-Crapo) and has consistently commented on proposals coming out of the Federal Housing Finance Agency (FHFA) to provide the agency with information on the potential affects their proposals may have on credit unions. As the FHFA has become more active in their internal piecemeal efforts at GSE reform, NAFCU has stepped up to the plate as the leader in the credit union industry regarding housing finance reform.