A panel of lawyers and lobbyists urged credit union housing executives persist in their efforts to contact Congress about their concerns even though partisan gridlock makes progress seem very unlikely.
The panel of Ken Markison, Vice President and Regulatory Counsel at the Mortgage Bankers Association, John McKechnie, a Partner at Total Spectrum and Bart Shapiro, a Principal with the law firm of Offit Kurman, addressed executives attending the American Credit Union Mortgage Association conference on September 25.
Their message was optimistic but sober, with all the panelists agreeing that while GSE reform was gradually making progress, it was very unlikely to be finished this year or even in 2014.
Further, the current partisan gridlock was likely to hold up any efforts to adjust the Dodd Frank law to ameliorate defects about which there is widespread agreement.
McKechnie recounted a day this year when he met with senior lawmakers on the House Financial Services Committee. In a 30 minute session a Republican member reiterated his intent to do everything he could to repeal Dodd Frank while, in another 30 minute meeting, the Democratic lawmaker reiterated his intent to do everything he could to protect the Dodd Frank law.
Nonetheless, the panelist urged the executives to continue communicating with Congress, in particular lobbying the lawmakers local offices. “They see us often,” McKechnie said, “but you have the real life experience they crave and feel they don't have. Their is no substitute for your involvement,” he added.