Bob Broeksmit Lays Out Important Items on MBA’s Radar to Kick Off National Advocacy Conference

(MBA’s Bob Broeksmit speaks at NAC, image via Anneliese Mahoney)

WASHINGTON–As Mortgage Bankers Association members take to the nation’s capital–and U.S. Capitol Building–to share the industry’s story with lawmakers and hear from legislative stakeholders via the National Advocacy Conference, key policy and regulatory topics such as Basel III endgame, housing supply and HUD Secretary Marcia Fudge stepping down are top of mind.

MBA President and CEO Bob Broeksmit, CMB, took to the stage for the first general session here on March 19, outlining the association’s latest on some of those key issues.

The housing and real estate industry has seen some big headlines in recent weeks–including the announced retirement of HUD Secretary Fudge.

Broeksmit is optimistic about a good relationship with Fudge’s Deputy Secretary, Adrianne Todman, who will become Acting Secretary upon Fudge’s departure.

“She’s very interested in our issues and in advancing housing at FHA and HUD more generally, and is going to be a good partner for us,” Broeksmit said.

On the legislative side, Broeksmit highlighted the recent House passage of a bill related to the Low-Income Housing Tax Credit. “We do want the Senate to take that up and pass it,” Broeksmit said, noting it was mentioned in President Joe Biden’s recent State of the Union address. “That’s actually a moving piece of legislation and a great program that is proven to create affordable housing units in this country–rental in that case.”

As for Basel III endgame, Broeksmit said he was heartened to see Federal Reserve Chairman Jerome Powell predict “broad and material changes” to the proposal during testimony on March 6. He also told lawmakers that regulators haven’t ruled out the possibility of a re-proposal.

“This is really great progress,” Broeksmit said.

While he noted Congress isn’t involved in any sort of vote on Basel III, lawmakers can weigh in via letters or other actions. “Regulation dovetails with legislation,”  Broeksmit said, noting MBA believes there’s bipartisan unease about the proposal as it stands.

Issues such as other tax provisions mentioned in the State of the Union address, the Consumer Financial Protection Bureau’s recent blog on junk fees and the newly announced National Association of Realtors’ settlement all loom large as potential topics of conversation, too.

As attendees take to Capitol Hill over the next few days to talk about these issues, and more, Broeksmit encouraged participants to show elected officials: “How does what you do influence the lives, and change the lives, of the people who vote for and elect the incumbents.”

“You are the ones who can tell the story,” Broeksmit said.