Removing Barriers Blog

Two CUNA-supported bills pass U.S. House
Posted September 11, 2019 by CUNA Advocacy

The House passed two CUNA-supported bills this week.  In July, CUNA wrote in support of both pieces of legislation while in the House Financial Services Committee.

H.R. 2852, the Homebuyer Assistance Act of 2019 
If enacted this legislation would ensure the Federal Housing Administration’s appraiser requirements are identical to those currently employed by Fannie Mae and Freddie Mac concerning licensed appraisers. As a result, credit unions would be able provide members with more choices for federally-backed loans without any concerns that an appraisal will not satisfy a program’s requirements due to their differing appraiser certification standards. It passed 419-5.

H.R. 281, the Ensuring Diverse Leadership Act of 2019
The Ensuring Diverse Leadership Act of 2019 would require the Federal Reserve Banks to interview at least one candidate reflective of gender diversity and one candidate of racial or ethnic diversity when appointing presidents.  Since the Federal Reserve’s inception in 1913, only seven women have served as reserve bank presidents, with Janet Yellen being the only female to serve as chair of the Federal Reserve Board. It passed by voice vote.

The Homebuyer’s Assistance Act will bring positive changes to both consumers and lenders in the mortgage market, and the Ensuring Diverse Leadership Act is a much-needed step toward bringing diversity to Federal Reserve Bank leadership,