WASHINGTON (5/13/14)--While the U.S. House is out of session this week, the Senate side of the U.S. Congress will remain busy, with that body's banking committee set to resume consideration of housing finance market reform legislation at 10 a.m. (ET) Thursday.
The committee continues its work on the 425-page Housing Finance Reform and Taxpayer Protection Act of 2014 (S. 1217), which would overhaul the housing finance market and address the issues created by the current government ownership of Fannie Mae and Freddie Mac.
Committee Chairman Tim Johnson (D-S.D.) delayed a scheduled April 29 markup of the bill to gain support. However, Democratic Sens. Charles Schumer (N.Y.), Sherrod Brown (Ohio), Jeff Merkley (Ore.), Robert Menendez (N.J.), Elizabeth Warren (Mass.) and Jack Reed (R.I.) last week reportedly said the proposed structure of a new mortgage reinsurance body was unworkable. They also said the proposed bill did not do enough to address affordable housing issues, Bloomberg
The Credit Union National Association is working to analyze new legislative language added to the proposal.
Legislation of interest to credit unions will also likely be front and center next week, when the House Financial Services Committee may resume a markup it delayed last week. Bills which CUNA supports include:
The Portfolio Lending and Mortgage Access Act (H.R. 2673);
The Financial Regulatory Clarity Act (H.R. 4466); and
The Community Institution Mortgage Relief Act (H.R. 4521).
CUNA will continue to monitor the progress of these bills as they make their way through that committee.