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Credit Unions Highlight Concerns in HUD Roundtable

Credit unions were represented at a roundtable with Housing and Urban Development (HUD) Secretary Julian Castro in Jefferson City.  U.S. Representative Blaine Luetkemeyer (R-District 3), member of the House Financial Services Committee, arranged and took part in the discussion in Jefferson City on May 27.

Cindy Harbison, president of Vantage Credit Union’s Credit Union Service Organization (CUSO) and subsidiary, Mortgage Solutions, LLC, joined a dozen representatives from various industries to discuss HUD-related issues with Secretary Castro.  Several attendees brought up issues with lending, which Castro acknowledged.

“We want strong safeguards in place, but people with good credit scores can’t get a loan.  We want to put lenders in better position so responsible, hardworking Americans can have access to loans.”

Harbison highlighted some of the challenges credit unions face in offering Federal Housing Administration (FHA) loans to members.  FHA is part of HUD.

“We work together with credit unions across the state and would like to be an FHA lender, but some of the restrictions that are in place prevent us from being able to do that,” explained Harbison.  “In the meantime, we have to go through a separate investor, which slows things down for the consumer and is just another step they have to take to get the FHA loan.”

Castro shared his own credit union experience after hearing from Harbison.  “I’ve been a member of a credit union for 29 years now – since I was about 11 years old.  I appreciate what credit unions do and the spirit of community that you offer.  I need to look further into these restrictions smaller institutions face.”

In addition to Vantage Credit Union, several credit unions provided the Missouri Credit Union Association (MCUA) with background information in advance of the roundtable.  MCUA thanks the following credit unions for their input:

  • Anheuser-Busch Employees’ Credit Union
  • First Community Credit Union
  • Missouri Credit Union

Top Photo (L-R): Housing and Urban Development (HUD) Secretary Julian Castro, U.S Rep. Blaine Luetkemeyer (R-District 3), and Cindy Harbison president of Vantage Credit Union’s Credit Union Service Organization (CUSO) and subsidiary, Mortgage Solutions, LLC.

Bottom Photo:  (L-R) Harbison and Castro