Despite objections from key Democrats, CUNA said Monday GSE reform is not doomed in this Congress.
The Senate Banking Committee delayed the markup of the Housing Finance Reform and Taxpayer Protection Act April 29. CUNA said the committee is expected to resume markup of the housing finance reform bill Thursday.
"The bill enjoys the support of the majority of the members of the Senate Banking Committee so its prospects in the committee I don't think are in doubt," said Ryan Donovan, CUNA's senior vice president of legislative affairs, on a conference call.
Lack of support for the proposal from six key Democrats have reportedly held up the process. If the bill clears committee, opposition from Democrats could prevent the legislation from a floor vote in the Democrat-controlled Senate.
"Regardless of the strength of the vote next week, it doesn't mean that if it doesn't go forward, housing finance reform is just dead," Donovan said.
"I think there's a great recognition of the need to reform the housing finance reform system in the wake of the financial crisis and ensure that the system that helps credit unions and banks provide mortgage credit to the members and customers is durable enough to withstand the next economic crisis," he added.
CU Times asked Donovan what he thinks is delaying the markup.
"I think there are some concerns from senators in terms of how the legislation might affect the governance goals with respect to affordable housing," Donovan said. "Those types of issues are really key to some of the senators who are still undecided."
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