Removing Barriers Blog

Letter to Senate Banking prior to hearing on state of housing
Posted March 16, 2021 by CUNA Advocacy

CUNA wrote to Chairman Brown and Ranking Member Toomey prior to the Committee's hearing entitled, “Home = Life: The State of Housing in America.” In the letter, CUNA wrote how the housing market has been one of the few bright spots in the economy during the COVID-19 pandemic.

Spurred by the historic lows in interest rates, credit unions have continued to provide a record-breaking number of mortgage loans. These numbers include loan refinances that are reducing members’ monthly mortgage bills and purchase money mortgages as credit unions continue their mission of providing credit access to members who may not be able to receive financing from banks or other lenders. Credit unions are also continuing their role in financial education, informing members of significant mortgage relief available to those negatively impacted by the COVID-19 crisis. 

Congress can support credit unions’ efforts to encourage homeownership in the following ways: 

  • Expand Field of Membership
  • Support Community Development Financial Institutions
  • Aiding Distressed Borrowers via Mortgage Forbearance
  • Prevent Disruption to the Secondary Mortgage Market