Housing Finance Reform Will Maintain Secondary Market Access for CUs, New HFSC Chair Pledges

New House Financial Services Committee Chairwoman Maxine Waters (D-CA) on Wednesday outlined issues she'd like to address in the 116th Congress and specifically said she plans to maintain transparency and access to the secondary mortgage market to ensure credit unions and community banks are not disadvantaged.

Rep. Waters said in her prepared remarks that America's housing market has an affordability and availability crisis and her efforts will be centered around generating a surge of funding and resources to help create safe, decent, affordable homes. On GSE reform, she plans to maintain access to 30-year mortgages and appropriate capital reserves, and will work to ensure a smooth transition to a new system that includes transparency and access in the market to not disadvantage credit unions.

CUNA has shared with Rep. Waters its principles for housing finance reform, which include credit unions' unfettered access to a viable and competitive secondary mortgage market, as well as the importance of 30-year fixed rate mortgages.

CUNA worked closely with Rep. Waters as the ranking member of the committee during previous Congresses. The association will continue to work with the new committee chairwoman as she pursues these priorities to ensure the credit union perspective is taken into account.