The Credit Union National Association (CUNA) generally supports the Federal Housing Finance Agency’s (FHFA) enforcement of fair lending laws but urges the agency to ensure monitoring and enforcement does not generate costly new requirements or increased regulatory burden, according to a release from CUNA. CUNA submitted its comments in response to the FHFA’s policy statement on fair lending.
CUNA submitted its comments in response to the FHFA’s policy statement on fair lending. FHFA is the primary regulator of Fannie Mae and Freddie Mac (GSEs), and the Federal Home Loan Banks.
“Credit unions should not be in a position of being torn between serving all their members and the necessity of compliance with GSE requirements and access to the secondary market,” the letter read. “Substantial fair lending oversight of the GSE and FHLBank policies is necessary to ensure that the goals of fair lending laws can be met at all levels of our housing finance system.
“As the FHFA considers monitoring and information gathering related to its fair lending oversight, it must ensure that it does not create additional data reporting burdens for lenders,” the letter went on read.
CUNA also called for the FHFA to recognize existing oversight in the form of fair lending, consumer protection and safety and soundness examinations already conducted by the Consumer Financial Protection Bureau, National Credit Union Association, and other prudential regulatory agencies.