WASHINGTON–CUNA sent separate letters to the House Financial Services Committee ahead of markup of two bills. CUNA offered support for HR 2852, the Homebuyer Assistance Act of 2019, and HR 281, the Ensuring Diverse Leadership Act of 2019.
In support of the Homebuyer Assistance Act of 2019, CUNA President Jim Nussle said the legislation would ensure the Federal Housing Administration’s appraiser requirements are identical to those currently employed by Fannie Mae and Freddie Mac concerning licensed appraisers, and that as a result, credit unions would be able to provide members with more choices for federally-backed loans without any concerns that an appraisal will not satisfy a program’s requirements due to their differing appraiser certification standards.
Regarding the H Ensuring Diverse Leadership Act of 2019, Nussle noted that since the Federal Reserve’s inception in 1913, only seven women have served as reserve bank presidents, with Janet Yellen being the only female to serve as chair of the Federal Reserve Board. In 2017, the first African American was appointed as a reserve bank president, Raphael Bostic, CUNA added.
“In order to increase diversity, CUNA supports H.R. 281 which would require the Federal Reserve Banks to interview at least one candidate reflective of gender diversity and one candidate of racial or ethnic diversity when appointing presidents,” Nussle wrote.