The next president of the Government National Mortgage Association (GNMA, or Ginnie Mae) must understand the unique mission, structure and operation of American credit unions. President Joe Biden appointed Alanna McCargo as GNMA director last month.
Historically, CUNA does not take a position on presidential appointments and does not take a position on McCargo’s appointment, but wrote to the Senate Banking, Housing and Urban Affairs Committee to share several priorities ahead of McCargo’s testimony.
“It is essential that the next GNMA president be able and willing to work to fully understand the intricacies of credit unions, community development financial institutions and other unique lenders who focus primarily on serving their communities.” , we read in the letter. “Strengthening the relationships and accessibility of GNMA for these types of financial institutions will benefit both GNMA and US buyers. “
CUNA notes that GNMA has treated credit unions as non-depository mortgage lenders and “non-banks” in its latest guide to mortgage-backed securities.
“This is apparently inaccurate given the high quality of credit union mortgages, the diversification of credit union assets, the credit unions’ access to liquidity, the status of credit unions as deposit-taking institutions and multiple levels of regulatory compliance, security and soundness oversight. credit unions suffer, ”the letter read.