WASHINGTON — The bipartisan 21st Century ROAD to Housing Act became law Friday without President Donald Trump’s signature after the president allowed the measure to take effect while Congress remained in session, choosing not to sign it in protest over the Senate’s failure to advance separate voter identification legislation.
The legislation includes the Credit Union Board Modernization Act, which reduces the frequency with which credit unions must meet and which had strong support from the credit union trade groups.
Trump announced on social media that he would not sign the housing package because the Senate had not passed the SAVE America Act, a measure he has championed requiring proof of citizenship for voter registration. Under the Constitution, a bill becomes law if the president neither signs nor vetoes it within 10 days, excluding Sundays, while Congress is in session.
‘Steadfast in Commitment’
“America’s Credit Unions, our league partners, and credit unions nationwide have been steadfast in their commitment to advancing the Credit Union Board Modernization Act. Through strong relationships with congressional champions and relentless, unified advocacy, we built the broad bipartisan support necessary to carry this legislation forward,” America’s Credit Unions President and CEO Scott Simpson said in a statement. “We extend our sincere gratitude to the Senate Banking and House Financial Services Committees’ members, who led efforts on this housing package. Meaningful policy progress requires sustained effort and thoughtful dialogue, and we appreciate the commitment from the Trump Administration and lawmakers who heed the needs of the American public and push forward practical, common-sense solutions.”
As the CU Daily reported earlier, the legislation cleared Congress with overwhelming bipartisan support, passing the Senate 85-5 and the House 358-32. It is the most significant federal housing legislation in decades and includes provisions intended to increase the nation’s housing supply, reduce regulatory barriers to construction and expand homeownership opportunities.
Also Included in Bill
In addition to the Credit Union Board Modernization Act, which reduces the minimum number of annual board meetings required for federal credit unions from 12 to six, the housing bill also includes the Mentor-Protégé Program for Small Financial Institutions Act; and the American Access to Banking Act, which is designed to streamline the process for forming new credit unions and community banks.
