House Passes Sweeping Housing Package Backed By White House In 396-13 Vote
By CU Today Staff —
WASHINGTON—The House Wednesday overwhelmingly approved the bipartisan 21st Century ROAD to Housing Act in a 396-13 vote, advancing a sweeping package aimed at boosting housing supply, easing regulatory barriers to development and expanding community bank participation in housing finance after the White House signaled support for the measure.
The legislation, H.R. 6644, combines provisions previously passed separately by the House and Senate and would reward communities that increase housing construction, streamline environmental reviews for certain projects, reform federal housing programs and ease restrictions tied to small-dollar mortgage lending. Lawmakers also approved related measures designed to encourage de novo bank formation and revise brokered deposit rules viewed by community banks as outdated.
The bill also includes provisions strongly backed by community banking groups, including changes to the treatment of custodial and reciprocal deposits under brokered deposit rules.
Originally reported by CU Today.