WASHINGTON–President Donald Trump signed two executive orders on Friday aimed at making homeownership more affordable, with credit union trade organizations calling for the government to ensure credit unions are a part of the process.
The move by the White House is the latest step by the administration to ease cost-of-living concerns as the Iran conflict drives up gas prices and rattles markets.
One of the orders is aimed at easing access to mortgage credit and directs the Consumer Financial Protection Bureau to tailor mortgage rules to make it easier for smaller banks to “facilitate more affordable lending,” according to a White House fact sheet.
It also calls for bank regulators to revise guidance to focus on “prudent underwriting” and to support construction lending by community banks.
America’s Credit Unions: ‘CUs are Committed’
“America’s Credit Unions welcomes the administration’s actions to expand responsible access to mortgage credit and reduce unnecessary regulatory burdens that make it harder for community-based lenders to serve their members,” America’s Credit Unions President and CEO Scott Simpson said in a statement. “Throughout their history, credit unions have led our nation in providing affordable, flexible mortgage loans for working Americans. This Executive Order will reduce regulatory obstacles to credit unions helping more Americans achieve the dream of homeownership.
“Importantly, this effort includes federal regulators such as the National Credit Union Administration, ensuring credit unions are part of the broader conversation about modernizing mortgage rules. America’s Credit Unions has asked repeatedly for many of the commonsense reforms in this Executive Order,” Simpson continued. “For example, America’s Credit Unions specifically urged policymakers several times to revisit Home Mortgage Disclosure Act reporting requirements, as increasingly complex HMDA reporting rules were driving up compliance costs for community lenders without improving outcomes for borrowers. This is exactly the type of targeted regulatory relief credit unions have been calling for.
“Credit unions remain committed to responsible lending and transparency while helping more families achieve homeownership. We look forward to working with the Administration, Congress, and regulators to ensure these reforms.”
DCUC: Some Clarification Sought
Separately, the Defense Credit Union Council is also urging Treasury to ensure credit unions are included in the federal efforts.
In a letter sent Thursday to Scott Bessent, the group said it supports the administration’s executive order titled Promoting Access to Mortgage Credit but asked regulators to clarify that credit unions will also receive regulatory consideration as the order is implemented.
DCUC said the executive order’s emphasis on easing regulatory barriers for community banks could unintentionally overlook credit unions, which it said serve many of the same borrowers, including military families and underserved communities.
“Credit unions are essential partners in expanding access to affordable homeownership, particularly for underserved communities, and servicemembers and veterans navigating programs like the VA loan,” said Anthony Hernandez in the letter.
‘Financial Readiness’
The organization said many credit unions operate on or near military installations and play a key role in supporting the financial readiness of service members by offering affordable loans, responsible mortgage products, financial counseling and emergency financial assistance.
DCUC asked Treasury to clarify whether credit unions will receive comparable regulatory treatment as federal agencies begin implementing the executive order and said the organization stands ready to work with policymakers on expanding access to responsible mortgage lending.
Order on Environment Rules
The second order is designed to ease environmental rules to speed up development and infrastructure projects. It directs the Environmental Protection Agency and Army to review and revise “stormwater, wetlands, and other water-related permitting requirements” in a bid to lower costs and to “streamline Federal regulatory approvals and increase home insurability.”
It also directs agencies including Commerce, Housing and Urban Development, Transportation and the Federal Housing Finance Agency to eliminate “unduly burdensome rules and reform programs that constrain residential development and housing affordability.”
EOs Follow Passage of Bill
As the CU Daily reported earlier, Trump’s actions follow the Senate passage of the 21st Century ROAD to Housing Act, which is aimed at boosting the nation’s supply of homes, the first major piece of housing legislation to clear the upper chamber in decades. But the bill’s fate is uncertain in the House, where a White House-backed provision to restrict institutional investors from buying single-family homes has received a mixed reception.
Builders and mortgage lenders oppose a specific provision of the restrictions on investors. While build-to-rent homes are largely exempt from the ban – over concerns that cutting incentives to construct them would limit housing production – the measure does include a requirement that investors sell certain homes, including those built to rent and renovated to rent, within seven years.
Financial Plus CU Joins DCUC
Separately, the Defense Credit Union Council (DCUC) proudly welcomes Financial Plus Credit Union (FPCU) as its newest member.
Founded by auto workers rooted in Genesee County, FPCU has grown to serve members across the entire state of Michigan. The credit union is known for its personalized, member-driven approach, offering competitive rates, convenient digital tools, and financial guidance people can count on. With more than $1.6 billion in assets, FPCU helps over 80,000 members put their dreams within reach.
“We’re proud to join DCUC and stand alongside fellow credit unions supporting the financial well-being of military members, veterans, and their families,” Brad Bergmooser, FPCU president and CEO, said in a statement. “Partnering with DCUC allows us to strengthen our advocacy efforts and continue protecting the credit union model.”
‘Strong Commitment’
“We’re pleased to welcome Financial Plus Credit Union as a new DCUC member,” Anthony Hernandez, DCUC president and CEO, added in a statement. “Their strong commitment to personalized service and member value reflects the very best of the credit union movement. We look forward to working together to advance advocacy efforts that protect and promote community-based financial institutions nationwide.”
