Newsroom
NAFCU weighs in on housing issues ahead of oversight hearing
Ahead of today's Senate Banking Committee oversight hearing of housing regulators, NAFCU Vice President of Legislative Affairs Brad Thaler shed light on important housing issues facing credit unions amid the coronavirus pandemic, including qualified mortgages (QM) and forbearance.
Today's hearing is set to begin at 10 a.m. Eastern (stream it on the committee's website) and will feature testimony from Department of Housing and Urban Development (HUD) Secretary Ben Carson and Federal Housing Finance Agency (FHFA) Director Mark Calabria.
In a letter sent yesterday, Thaler reiterated NAFCU’s call on Congress to establish an emergency QM standard with flexible requirements and extend the temporary government-sponsored enterprise (GSE) QM patch if the CFPB does not provide one in its expected rulemaking.
“The addition of an emergency QM standard can establish safe and sound lending procedures within the context of the current crisis and allow credit unions a measure of insulation from future litigation related to the ability-to-repay requirements,” wrote Thaler.
On extending the temporary GSE QM patch, Thaler noted that an extension would prevent market disruptions and ensure that consumers continue to have access to safe and affordable mortgage credit.
Thaler also highlighted NAFCU’s continued concern about the impacts of sections of the CARES Act that provide borrowers with forbearance options for single-family and multifamily loans sold to the GSEs. Since the CARES Act was enacted at the end of March, NAFCU has shared with Congress, the FHFA, NCUA, and Treasury Department concerns about the health of mortgage markets and the need to provide credit unions with additional relief. Thaler also noted the association’s concern with the high loan level price adjustment announced for the GSE’s to buy loans in forbearance.
NAFCU will monitor today’s hearing and continue working with Congress to ensure credit unions’ concerns are heard.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.