WASHINGTON–The House voted to pass its version of 21st Century ROAD to Housing Act (H.R. 6644), which contains a number of pieces of legislation that are strongly supported by credit unions.
The legislation will now return to the Senate for final passage.
Included in the bill, which passed the House by a vote of 396-13, are:
- Credit Union Board Modernization Act (H.R. 975), which would allow credit union boards to meet a minimum of six times per year, rather than the currently required 12. The bill passed the House this Congress, and has a bipartisan Senate companion, noted America’s Credit Unions.
- Advancing the Mentor-Protégé Program for Small Financial Institutions Act (H.R. 3709), which would empower minority depository institution (MDI) credit unions and other smaller credit unions to collaborate with larger credit unions in mentorship efforts
- American Access to Banking Act (H.R. 4544), which would promote the formation of de novo credit unions and other community banks by streamlining the federal application process, establishing mentorship programs, improving capital formation pathways, and establishing dedicated points of contact for applicants through casework support to ensure the success of de novo institutions.
America’s Credit Unions said it will remain engaged with the Senate in support of the bill, and other regulatory relief legislation.
Defense Credit Union Council Responds to Passage
“DCUC appreciates Congress’s continued focus on advancing housing solutions for American families and recognizes the inclusion of credit union board modernization provisions within the 21st Century ROAD to Housing Act as a positive step toward improving operational flexibility for federally insured credit unions,” DCUC President and CEO Anthony Hernandez said in a statement. “As lawmakers continue refining housing and financial services policy, we encourage Congress to work closely with credit unions and industry stakeholders on additional meaningful reforms that would further strengthen credit unions’ ability to support homeownership and financial stability for their members.”
DCUC noted that reforms such as loan maturity modernization, veteran member business lending (VMBL) improvements, and Central Liquidity Facility (CLF) enhancements and modernization remain important priorities for credit unions serving members nationwide.
“Credit unions play a critical role in expanding access to affordable financial services and supporting long-term financial readiness,” Jason Stverak, DCUC chief advocacy officer, said in a statement. “Thoughtful, targeted reforms can help ensure these community-based institutions have the tools necessary to continue meeting the evolving housing and lending needs of their members.”
How CU-Backed Candidates Fared in Elections
Separately, following Tuesday’s primary elections in six states, America’s Credit Unions said 40 of the 41 its PAC supported in in Alabama, Georgia, Kentucky, Idaho, Oregon, and Pennsylvania won or advanced to a special or runoff election.
The grade group said there were “notable victories for credit union champions” in five open seat elections, including:
- Rep. Andy Barr (R—KY), who won the state’s Republican Senate primary and will face Charles Booker in the general election. Barr chairs the House Financial Services Subcommittee on Financial Institutions and has supported numerous credit union priorities, including CFPB reform, data privacy, and fraud solutions.
- In Alabama 1st Congressional District: State Rep. Rhett Marques, who advances to an Aug. 11 special election. America’s Credit Unions is noted it partnered with The League of Credit Unions in a member communication campaign targeting credit union members with digital ads supporting Marques
- In Georgia 10th Congressional District: State Rep. Houston, who advances to the general election after taking 67% of the vote in a three-person field;
- In Georgia 11th Congressional District: Rob Adkerson, former chief of staff to Rep. Barry Loudermilk (R-GA), who advances to the June 16 runoff. He is running for the seat left open with Loudermilk’s retirement.
