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Credit unions received updates directly from administration officials on housing finance and cybersecurity initiatives during NAFCU's Congressional Caucus Monday. Brian Montgomery, acting deputy secretary and federal housing commissioner for the Department of Housing and Urban Development (HUD), and Brian Peretti, director of the Treasury Department’s Office of Cybersecurity and Critical Infrastructure Protection, provided the updates.

Montgomery provided a brief overview of last week's release of housing finance reform plans from HUD and the Treasury Department. The reform plan includes modernizing the Federal Housing Administration's (FHA) technology and making it easier for more Americans to participate in FHA programs. He also said one of his goals during the reform process is for the FHA to be re-chartered as an autonomous agency.

“Our ultimate goal, believe it or not, is no paper,” Montgomery said. Montgomery reiterated the FHA’s desire to go fully paperless and to streamline their certification process. “We want our system be less restrictive and more reflective of the current housing market."

He indicated the FHA's support of credit unions, saying that it is "committed to all participants big or small."

On cybersecurity, Peretti noted the Treasury Department's efforts to address related issues, including its work with organizations like NAFCU and the private-sector to better understand the environment.

"As we think about how we tackle these issues, a big factor is engagement: How do we talk to these organizations like NAFCU and its members to understand your challenges and what you need,” Peretti said. He added that the department is working to be more proactive, rather than responsive, to reduce threats facing financial institutions.

During a Q&A session with attendees, Peretti stressed that credit unions need to determine for themselves the level of risk they are comfortable taking and develop testing and response plans for cybersecurity scenarios. He also said the department would like to work with credit unions on developing a better notification and information sharing system, as well as learning how financial institutions are using artificial intelligence and machine learning.

Keep up with NAFCU's 2019 Congressional Caucus by following #NAFCUCaucus on Twitter and signing up for NAFCU Today.