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News Now

Washington
New FHFA Head Watt Begins Five-Year Term
WASHINGTON (1/7/14)--Mel Watt on Monday began a five-year term as Federal Housing Finance Agency director.

Click to view larger image New Federal Housing Finance Agency director Mel Watt is sworn in on Monday in Washington. (FHFA Photo)
The veteran North Carolina congressman was sworn in yesterday in Washington by former Charlotte mayor and current U.S. Secretary of Transportation Anthony Foxx. Credit Union National Association Deputy General Counsel Mary Dunn extended the association's good wishes for a successful tenure at FHFA, which oversees Fannie Mae, Freddie Mac and the Federal Home Loan Banks. CUNA has requested a meeting with the new director.

During remarks that followed his swearing in, Watt shared with dignitaries, including Members of Congress he served with in the U.S. House of Representatives, Treasury Secretary Jack Lew, agency staff and others, life experiences that helped prepare him for his current position, including his family's home ownership and early opposition to predatory lending and other mortgage-related practices that harm consumers.

CUNA President/CEO Bill Cheney in a late December letter to Watt encouraged the new regulator to ensure balanced oversight of Fannie Mae and Freddie Mac that fully considers the impact actions will have on credit unions. The CUNA CEO said credit unions are looking forward to working with Watt, and also urged him to do all he can to ensure that:
  • Fannie and Freddie are accountable for the policies they implement;
  • The process for developing policies is transparent;
  • Policies adopted and implemented will support small sellers and services; and
CUNA is looking forward to discussions with the FHFA on key policy issues that are significant for credit unions.


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