CUNA Weighs-in on Appraisal, Diversity Bills Prior to Markup

CUNA supported two bills marked-up Thursday by the House Financial Services Committee, the Homebuyer Assistance Act of 2019 (H.R. 2852) and the Ensuring Diverse Leadership Act of 2019 (H.R. 281).

H.R. 2852 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,” wrote CUNA President/CEO Jim Nussle. “CUNA supports this legislation and believes it is a positive change for both consumers and lenders in the mortgage market.”

The bill passed the committee by voice vote Thursday.

H.R. 281 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,” Nussle wrote. “In 2017, the first African American was appointed as a reserve bank president, Raphael Bostic. In order to increase diversity, CUNA supports H.R. 281.”

Rep. Bonnie Watson Coleman (D-12) is a cosponsor of H.R. 281.

As of Thursday afternoon, a voice vote has been requested on H.R. 281, which will take place at the end of the markup.