WASHINGTON––Credit unions at CUNA’s GAC got an update on what the Federal Housing Finance Agency has planned, saw one state league honored for its international work, and watched a video produced by a former NCUA board member (even if they didn’t know it).
FHFA’s Calabria Says GSEs Will Not Discriminate Against CUs
Federal Housing Finance Agency Director Mark Calabria told the GAC his agency is committed to ensuring Fannie and Freddie do not discriminate against lenders based on their size or volume of lending.
As Congress continues to work on a plan to exit the two GSEs from federal conservatorship, both trade groups have expressed concerns credit unions might be pushed aside.
In addition, Calabria noted FHFA is reviewing high-risk lending factors to further promote home ownership that is sound and beneficial to the home buyer.
“The backbone to the mortgage finance system has always been the community lender,” Calabria said.
Calabria added his priorities include facilitating a preparedness strategy for Fannie and Freddie to solidify clear rules in the event of a stressed environment, reducing compliance costs and making the mortgage industry more competitive.
Calabria encouraged credit unions to reach out to FHFA with recommendations on policy changes and ways to streamline regulations.
Resolution Nominates Indiana CU League for WOCCU Honor
The CUNA board passed a resolution Saturday to nominate the Indiana Credit Union League for the World Council’s Distinguished Service Award. The Distinguished Service Award is the highest honor paid to individuals and institutions by the worldwide credit union movement, and was created to recognize outstanding contributions to international credit union development.
“The Indiana Credit Union League champions the credit union model internationally,” said CUNA Chairman Brett Martinez in a statement. “We’re proud to nominate the Indiana Credit Union League for the Distinguished Service Award based on their work advocating for credit unions and their members across the globe. The league is dedicated to ensuring the value of credit unions is understood everywhere, from educating high level international policymakers to ensuring poverty-stricken refugees understand the promise of credit union self-help opportunities through financial education and services.”
According to CUNA, the Indiana Credit Union League has provided financial support, volunteer service, technical assistance and hosted international colleagues consistently over many years in exemplary service to develop international credit union movements across several continents. The league’s work has accelerated the growth of new credit union systems and it has helped disaster damaged credit union systems recover and put themselves back on their feet to serve their members.
Video Produced by Former NCUA Board Member
During Jim Nussle’s opening remarks he showed a video featuring Old West Credit Union, which stepped in to open a branch in Union, Ore., after a bank pulled out. The video featured residents talking about what the credit union has meant to the community. While the video was backed by the Northwest Credit Union Association, it was actually produced by former NCUA Board Member Rick Metsger, who worked in television prior to entering politics and eventually joining the NCUA board.