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Credit union mortgage lending is a vital path to homeownership for millions of American families, and credit unions need commonsense regulation of consumer-friendly credit union mortgage products and fair and equitable access to a robust secondary market to fulfill their role in our nation's housing market.
Mortgage lending by credit unions is robust and growing, but heavy-handed regulation and a secondary market structure dominated by just a few of the largest banks stifle credit unions' ability to serve their members' mortgage needs.
CFPB raised its threshold for HMDA reporting requirements for Home Equity Lines of Credit (HELOCs), offering relief through 2019 for more than 400 credit unions.
CUNA staff participated on Senate Banking Committee Small Lender Panel to highlight credit union mortgage lending, raise concerns about future of housing finance system from credit union perspective
CUNA witness testified before full Senate Banking Committee on robust small lender access to secondary mortgage market.
Introduction in House and Senate of bipartisan legislation to achieve bank-credit union parity in non-owner-occupied 1-4 unit residential loans (H.R. 389/S. 836).
Secured FHLB Membership Access for Privately Insured Credit Unions.
PACE Lending programs have been defeated in Arkansas and Oklahoma; federal legislation introduced to protect consumers from unscrupulous PACE lending practices.
Advocacy Issue
Property Assessed Clean Energy (PACE) programs allow lenders authorized by the state to finance loans for energy improvements on residential properties.
While credit unions generally did not participate in the risky behavior that contributed to the housing crisis, they have had to comply with the new rules and regulations created in response.
Fannie Mae and Freddie Mac remain in conservatorship; however, key Members of Congress and the Administration are growing weary of the status quo.
Many credit unions offer mortgages across the country, including in areas covered by flood insurance requirements.