Congressional Caucus Day 2: Politics, Personality and GSEs (slide show)
Jason Roe, partner with the Washington-based campaign consulting firm REVOLVIS.com, shared how campaign ads and strategies have affected election outcomes.
Next Page: Rep. Robert Hurt
Rep. Robert Hurt (R-Va.), a member of the House Financial Services Committee, spoke about GSE reform and acknowledged some experts have said mortgage lenders will charge borrowers additional points to cover risk if the federal guarantee is eliminated.
However, he added that others have declared the move a wash, saying efficiency and underwriting would improve. He also said the PATH Act explicitly protects secondary market access to lenders of all size.
Next Page: NAFCU Chairman Mike Parsons
NAFCU Chairman Mike Parsons, president/CEO of the $363 million First Source FCU in New Hartford, N.Y., introduced Rep. Michael Grimm, a Republican from the Empire State.
Next Page: Rep. Michael Grimm
Rep. Michael Grimm (R-N.Y.) said he’s a member of the $600 million Justice Federal Credit Union. The former Marine proved it by showing the audience a note in his wallet that reminded him he had to conduct business at the credit union later that day.
Next Page: NCUA Board Chair Michael Fryzel
NCUA Board Member Michael Fryzel challenged credit unions to more than double current membership to 200 million. The effort would require vision, investment and inconvenience, he said.
“It will take more than walking the halls of Congress,” Fryzel said. “It will require pressing lawmakers to work with us and getting the legislation we need written and passed. It will take work in the communities you serve with your own board and employees.”
Fryzel also said he supports raising the member business lending cap and allowing credit unions to raise supplemental capital.
Next Page: Sen. Tim Scott
Sen. Tim Scott (R-S.C.) left the podium to speak to the audience from the floor. The former credit union board member, who previously served in the House of Representatives, said he would protect the credit union tax exemption and vote in support of raising the member business lending cap.
Next Page: Rep. Jeb Hensarling
Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, said GSE reform is necessary to break the boom, bust and bailout cycle of the American mortgage financing system.
Next Page: Fannie Mae President/CEO Timothy Mayopoulos
Fannie Mae President/CEO Timothy Mayopoulos said he expects his GSE to be profitable going forward. He also said he understands that it is policy makers who will determine the future of housing finance, not Fannie Mae.
(Photos by John Cooke)