WASHINGTON—The need to protect credit unions’ access to the secondary market is being emphasized by NAFCU in a letter to the Senate Banking Committee. The letter was sent ahead of its hearing to discuss the state of the housing industry.
Separately, NCUA has named a new president of its Asset Management & Assistance Center.
In the letter, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated the association’s housing finance reform principles.
Thaler stressed the need to protect credit unions’ access to the secondary market as efforts are underway to release the government-sponsored enterprises (GSEs) from conservatorship.
“Congress should prioritize advancing legislation that provides fair pricing based on quality and not quantity as well as a level playing field that permits equal access to lenders of all sizes through services such as the cash window,” Thaler wrote. “Without such legislative protections, credit unions’ access to the secondary market and ability to lend to more members of their communities, particularly those individuals of low and moderate income, may be in jeopardy in reforms.
Support Urged for Proposal
Thaler also called on lawmakers to support a proposal to establish “an explicit government guarantee to provide certainty to the market.”
“Such a guarantee is a key part of the foundation of any successful future housing finance system and should help ensure the continued availability of the 30-year fixed mortgage rate,” he said.
Thaler further called on Congress to support programs for low- or zero-down payment mortgage loans, as well as the Wealth Building Home Loan, “that help borrowers build wealth and make housing more affordable.”
New AMAC President
Separately, NCUA has named Credit Union Administration named Cory Phariss as the new president of the Asset Management and Assistance Center (AMAC).
Phariss had previously served as deputy to the AMAC president and has been with the agency for nearly 24 years, according to his LinkedIn profile.
In his new role, NCUA said he will serve as the key advisor to the board on matters that include implementing liquidation payouts, managing assets acquired from liquidations, and managing recoveries for the National Credit Union Share Insurance Fund.
He will also lead AMAC’s additional responsibilities, which include technical assistance and consulting related to conservatorships, real estate and consumer loans, appraisals, bond claim analysis, and accounting records reconstruction.
“Cory has already played a significant role in several large, complex credit union resolutions while serving as Deputy to the President of AMAC,” NCUA Chairman Todd M. Harper said in a statement. “With his extensive experience, exceptional business acumen, and strong management skills, Cory is well-suited to lead the Asset Management and Assistance Center and will hit the ground running. I look forward to working with him in support of AMAC’s mission of promoting confidence in the credit union system and minimizing insurance losses.”
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