WASHINGTON — The Senate is expected this week to take up housing legislation that has been ping-ponging between the House and Senate, and it may include some provisions credit unions have been pushing.
Greg Mesack, senior vice president of advocacy with America’s Credit Unions, noted modifications to the text have taken place in both chambers of Congress, but he does not expect significant changes to the 21st Century ROAD to Housing Act. He expects the ban on institutional investors in housing will remain in the final legislation.
“Obviously, it’s going to be open to amendments, so we’re going to very carefully watch to see what’s proposed and what’s not proposed,” Mesack said, noting the trade group supports efforts aimed at making housing more affordable.
Likelihood of Carrying Other Legislation?
As the CU Daily has reported, the National Defense Authorization Act has traditionally served as a vehicle for carrying other legislation. However, with Congress seeking to pass it by July 4, the likelihood of controversial amendments being added has diminished.
Does that increase the likelihood the housing bill could become such a vehicle?
“I think that there is a chance there could be a couple very small revisions,” Mesack said in response to a question from the CU Daily.
Nothing ‘Earth-Shattering’
But Mesack said House Financial Services Committee Chairman French Hill, R-Ark., has been pushing strongly for limits on provisions being attached to the bill.
“I would not expect anything large or earth-shattering, but I do think there’s a chance that some small provisions, very narrow deregulatory-type provisions, could ride on that bill. But it’s going to be slimmed down from what we saw go through the House in previous iterations,” Mesack said.
Mesack said there are deregulatory provisions, such as the SMART Act, that credit unions support and that could be added.
Hill, a former banker, has supported such deregulatory measures as chairman.
Mesack also noted that the need for Democratic support to pass the housing legislation makes it less likely that large-scale provisions will be added.
Push for Nomination Hearing
Separately, Mesack said America’s Credit Unions continues to push the Senate to move forward on the nomination of John Crews to join the NCUA board.
Crews was officially nominated in early May to fill the seat currently held by Chairman Kyle Hauptman. Hauptman’s term expired in August 2025, and he has been nominated for a seat on the Public Company Accounting Oversight Board. Hauptman has said he will remain on the board until a successor is nominated and confirmed by the Senate.
Crews is the assistant secretary for financial institutions policy at the Treasury Department.
