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Senate confirms Calabria as FHFA director
The Senate yesterday, on a 52-44 vote, confirmed Dr. Mark Calabria to be director of the Federal Housing Finance Agency (FHFA). NAFCU has met with Calabria several times and NAFCU President and CEO Dan Berger offered his congratulations to Calabria on his confirmation.
"Dr. Calabria has a strong understanding of credit unions' needs in housing finance reform and NAFCU looks forward to continuing to work with him as he leads the FHFA," Berger said. "Our nation's housing finance system is in need of reform and we are confident Dr. Calabria has the necessary expertise and relationships to coordinate these efforts between the numerous stakeholders."
Calabria previously served as chief economist for Vice President Mike Pence; he will replace acting FHFA Director Joseph Otting, with whom NAFCU has also met and shared its housing finance reform principles. NAFCU supported Calabria's nomination as FHFA director, noting his "unique combination of policy, regulatory and housing expertise."
NAFCU has urged the administration and Congress to work together on a comprehensive solution to housing finance reform, and has argued that the continued conservatorship of the government-sponsored enterprises (GSEs) is unsustainable – a view shared by Calabria. Calabria also supports NAFCU's position on allowing the GSEs to rebuild capital.
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt recently testified before the Senate Banking Committee on housing finance reform, stressing the need for credit unions' unfettered access to the secondary mortgage market.
President Donald Trump also recently issued a presidential memorandum on the issue, which included a number of NAFCU-supported provisions.
NAFCU has previously shared its core principles for housing financial reform that should be included in any final reform measures with Calabria, lawmakers and numerous officials in the Trump administration.