WASHINGTON—The head of the Federal Housing Finance Agency, which has put forth a proposal to which credit unions have strenuously objected, will be testifying today as part of a hearing by the Financial Services Committee on Sustainable Housing Finance. No credit unions will testifying, but a statement from CUNA will be included in the record of the meeting.
In a letter to Committee Chairman Jeb Hensarling and Ranking Member Maxine Waters, CUNA CEO Jim Nussle said changes that the FHLB has proposed to rules for membership would “represent a fundamental change to the FHLB system, and CUNA questions the need for any change in FHLB membership for depository institutions at this time. We are particularly concerned that the proposal would apply membership eligibility rules on an ongoing basis, creating uncertainty for Federal Home Loan Bank members and establishing different treatment for similarly sized credit unions and banks…We urge the Committee to use tomorrow’s hearing as an opportunity to encourage FHFA to withdraw or substantially revise the proposal, including correcting the proposal’s disparate treatment of similarly sized banks and credit unions.”
Related
NAFCU Comments On FHFA Proposal