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News Now

CU System
CUs participate in FHLBank Pittsburgh Roundtable
PITTSBURGH (8/15/14)--Credit unions and others shared concerns about lending and housing issues recently during an FHLBank Pittsburgh roundtable. The forum featured Congressman Mike Fitzpatrick (R-Pa.), who serves on the House Financial Services Committee (Life is a Highway Aug. 14).

Discussions covered today's regulatory environment for local financial institutions and the ability for those institutions to serve members and consumers.

The roundtable also touched on government-sponsored enterprise reform, a hot topic for credit unions.

On Wednesday, the Federal Housing Finance Agency (FHFA) made public its interest in combining Fannie Mae and Freddie Mac mortgage-backed securities into a single security structure in an effort to bolster efficiency and liquidity in the mortgage market.

Credit Union National Association leaders support measures that make such improvements, but have not yet fully studied the implications of the FHFA proposal.  

The "impact on prices credit unions receive for the sales of their mortgages to the government-sponsored enterprises, as well as the proposal's potential impact on the values of existing MBS investments," warrant continued assessment, said Eric Richard, CUNA general counsel/executive vice president for regulatory affairs (News Now Aug. 14).

Among those credit union leaders participating at the forum in Pittsburgh included Robert Fox, senior vice president/chief lending officer, TruMark FCU, Trevose, Pa., with $1.5 billion in assets; and Annette Baker, regional vice president of branch operations, American Heritage FCU, Philadelphia, with $1.4 billion in assets.

Christina Mihalik, vice president of governmental affairs, attended on behalf of the Pennsylvania Credit Union Association.


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