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Ginnie Mae acknowledges credit score unions as regulated depositories | 2022-08-05

The Authorities Nationwide Mortgage Affiliation (GNMA, or Ginnie Mae) issued an modification to its mortgage-backed securities information eradicating credit score unions’ categorization as non-bank mortgage lenders and recognizing them as insured depositories regulated by prudential regulator. CUNA has engaged with Ginnie Mae on this subject a number of instances in current months to get the categorization altered.

Ginnie Mae excluding credit score unions from the definition of “depository establishments” and “banks” was in contradiction to credit score unions’ being topic to regulation, have broad and steady entry to liquidity, and are topic to capital necessities by NCUA.

“We thank NCUA for listening to our considerations and correcting credit score unions’ unusual therapy as non-bank mortgage lenders.”, mentioned CUNA President/CEO Jim Nussle. “This variation correctly acknowledges credit score unions’ lengthy historical past of security and soundness.”

CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan detailed CUNA’s considerations with the inaccurate categorization of credit score unions in an op-ed in August 2021. CUNA additionally responded to a request for data and met with Ginnie Mae President Alanna McCargo in March.

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