WASHINGTON--In a meeting with Treasury Department staff Monday, America’s Credit Unions President/CEO Jim Nussle and Head of Regulatory Advocacy James Akin voiced credit union priorities related to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.
Nussle and Akin called on Treasury to ensure a level playing field exists for all lenders, to keep mortgage costs steady and predictable for families, and the Federal Housing Finance Agency (FHFA) maintains its role as a strong, independent regulator with full oversight and approval of operations, capital requirements, and prudential standards.
Specific recommendations helpful to credit unions include:
- Maintaining parity in the small-lender “cash window”
- A cap on guarantee-fee increases that are used to build capital
- Preserving the uniform mortgage-backed security
- Creating a permanent Small-Lender Advisory Council.