Crapo Questions New FHFA Fee; Cooperative Credit Union Association Accuses Agency of Greed

Senate Banking Committee Chairman Mike Crapo (R-Id.) wants to know why the Federal Housing Finance Agency—amid a financial crisis– is imposing new fees on homeowners who are refinancing their mortgages.

“Many housing market stakeholders have highlighted the potential negative impact the announced pricing increase will have on consumers seeking to access this benefit by increasing the average cost of refinancing,” Crapo wrote in a letter late last week to FHFA Director Mark Calabria.

As pressure builds on the FHFA to reverse its 0.5% fee, the president of the Cooperative Credit Union Association pointed out that the two Government Sponsored Enterprises affected—Fannie Mae and Freddie Mac—posted large profits in the second quarter of the year.

Four Banking Committee Members Among Ten ‘Most Vulnerable’ Senators: Roll Call

Four members of the Senate Banking Committee are among the ten most “vulnerable” senators running for reelection this year, according to an analysis by Roll Call, a Capitol Hill newspaper. Roll Call keeps track of the most politically vulnerable House and Senate members each election cycle. Its latest list of ten most vulnerable senators include Banking Committee members: Sen. Doug Jones of Alabama, the only Democrat among the Banking Committee’s vulnerable members. Jones is running against Republican Tommy Tuberville, the former Auburn University football coach, who defeated former Sen. Jeff Sessions for the GOP bid. Roll Call reported that this

Sen. Warren Calls CFPB’s Kraninger a ‘Miserable Failure;’ Says She Should Resign

The Democratic senator who conceived of the Consumer Financial Protection Bureau more than ten years ago told CFPB Director Kathleen Kraninger that the agency is doing little to protect consumers during the pandemic.

“Your leadership has been a miserable failure based on your actions in this pandemic,” Sen. Elizabeth Warren (D-Mass.) told Kraninger during a Senate Banking Committee hearing on oversight of the agency. “You should resign.”

NCUA Nominee Hauptman Emerges Unscathed From Confirmation Hearing

With two nominations to the Securities and Exchange Commission garnering the most attention, National Credit Union Administration board nominee Kyle Hauptman faced little questioning during his confirmation hearing Tuesday before the Senate Banking Committee.

The only pointed criticism came from committee ranking Democrat Sherrod Brown of Ohio, who questioned Hauptman’s qualifications and experience.