Senate Banking Committee

Revised legislation would exclude credit unions from Community Reinvestment Act requirements, but could make the National Credit Union Administration the de facto enforcer of how CUs meet the needs of underserved markets.

The Senate Banking Committee will hold two hearings at the end of March on Chairman Mike Crapo’s most recent framework for housing finance reform.

The 2020 presidential hopeful removed the contentious provision from a previous version of the bill that had won praise from bankers but sparked fierce opposition from credit unions.

In remarks to credit unions, the Senate Banking Committee Chairman said that fixing the government-sponsored enterprises and data security were priorities.

Sen. Sherrod Brown, D-Ohio, said "the best place for me to continue fighting for Ohio and for the dignity of workers ... is to stay in the U.S. Senate."

If confirmed to lead the Federal Housing Finance Agency, Mark Calabria would have a central role in any efforts to reform the government-sponsored enterprises Fannie Mae and Freddie Mac

The Senate Banking Committee's vote on Mark Calabria's nomination to lead the agency comes amid speculation about congressional and administrative GSE reform plans.

The administration’s choice to regulate the government-sponsored enterprises appeared to distance himself from speculation that the White House may try to overhaul housing finance without legislation.

Industry observers will be closely monitoring Mark Calabria's testimony before the Senate Banking Committee on Thursday for hints about how the Trump administration plans to proceed on mortgage finance reform.

The Senate Banking Committee will examine the nomination of Mark Calabria to oversee the regulator of Fannie Mae and Freddie Mac, as well as nominees for the NCUA board and Treasury.