DANA POINT, Calif. — J. Timothy O'Neill, senior counsel to the House of Representatives Committee on Financial Services is well acquainted with the Federal Housing Finance Board since he is a former chairman. Speaking to attendees at NASCUS' first State System Summit, he urged credit union officials to run for election in all 12 districts of the FHLB.
Calling the FHLB "the undiscovered genius of the federal government," O'Neill also said credit unions "should explore ways to be more active on the housing councils" of the 12 FHLB banks and "reach out" to the community investment officers in each of the FHLB districts because they all have affordable housing programs that credit unions can be involved with.
There are currently 8,158 financial institutions in the FHLB system of which 11% are credit unions.
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"Credit unions have realized what a great system FHLB has become," said O'Neill. "I hope credit unions will become more active in the system."
O'Neill also took time to offer his perspectives on key financial services legislation on Capitol Hill:
Concerning the Reg Relief bill, he recently asked Sen. Mike Crapo (R-Idaho), a member of the Senate Committee on Banking, Housing and Urban Affairs, his thoughts about the prospects of the bill's passage in the 109th Congress, and the senator told him the measure that will eventually be signed by President Bush will be "somewhere between the broad House bill and the narrower Senate bill, and probably be more like the Senate bill." O'Neill said Reg Relief legislation "has a good chance of being passed because there's something in there for everyone."
O'Neill added he will "insist with every ounce of my being" that there be a provision in the House version of the Reg Relief legislation to allow privately-insured credit unions to participate in the FHLB system because "there's no reason they shouldn't be part of that system."
O'Neill is not as optimistic about the prospects for passage of the Credit Union Regulatory Improvements Act (CURIA) because "there's not something in there for everyone like the Reg Relief bill. But to get over 100 co-sponsors for a measure is difficult and notable."
O'Neill forecasts the Federal Housing Enterprise Regulatory Reform Act will be signed by President Bush by the end of the 109th session. O'Neill said, "I don't see any expressed support for Fannie Mae and Freddie Mac because of their disingenuous accounting and reports."
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