WASHINGTON—The House has passed HR 6955, the Main Street Capital Access Act, which had the support of the credit union trade associations.
“Community financial institutions have endured a regulatory onslaught that has resulted in closures and reduced services for Americans. Credit unions thank House Financial Services Committee Chairman French Hill and Financial Institutions Subcommittee Chairman Andy Barr for their leadership in tackling regulatory modernization for community financial institutions,” America’s Credit Unions Chief Advocacy Officer Kathleen Coulombe said in a statement. “This legislation is a positive first step towards right-sizing regulations, and America’s Credit Unions looks forward to continued collaboration with lawmakers to advance policy priorities that support credit unions and their members. We remain steadfast in our advocacy to ensure credit unions have the specific relief and tools they need to serve their 146 million members and reach more communities.”
Passage Urged of Bill to Allow Smaller CUs to Join FHLBS
Separately, America’s Credit Unions urged a House subcommittee to support legislation that would make it easier for smaller credit unions to join the Federal Home Loan Bank (FHLB) System, arguing the change would provide parity with banks and improve access to liquidity.
In a letter sent ahead of a House oversight hearing on the FHLB System, the trade group said the bipartisan Minimizing Outdated Restrictions that Exclude (MORE) Opportunities for Homeownership Act (H.R. 7647) would update federal law by including credit unions in the definition of “community financial institutions.”
According to America’s Credit Unions, credit unions currently are excluded from that definition under the Federal Home Loan Bank Act, limiting access for some smaller institutions. The association said the legislation would ensure credit unions receive the same treatment as banks for purposes of FHLB membership.
The bill was introduced by Reps. Vicente Gonzalez (D-TX) and Brian Fitzpatrick (R-PA),
America’s Credit Unions urged the House subcommittee to make support for H.R. 7647 the starting point for any broader reforms to the Federal Home Loan Bank Act.
Support for Draft Measures
The association also expressed general support for several draft measures scheduled for discussion during the hearing, saying they would provide additional clarity and modernization to the FHLB System. Those bills include:
- The Home Loan Bank Mortgage Asset Modernization Act.
- The Federal Home Loan Bank Advances as Core Funding Act.
- The Federal Home Loan Bank Membership Clarification Act.
- The Federal Home Loan Bank Capital Clarification Act of 2026.
According to America’s Credit Unions, the proposals would modernize various aspects of the FHLB System and provide greater statutory clarity for participating institutions.
