Senate Passes Housing Bill With Credit Union Board Reform
By CU Today Staff —
WASHINGTON—By a vote of 85-5, the Senate has passed the bipartisan 21st Century ROAD to Housing Act, advancing legislation that includes the Credit Union Board Modernization Act, a long-sought measure backed by credit unions that would allow well-capitalized credit unions to hold board meetings less frequently under certain circumstances.
The board modernization proposal has been a top advocacy priority for America's Credit Unions and the Defense Credit Union Council, and was included in the broader housing package approved by the Senate Banking Committee earlier this year. The legislation is designed to reduce regulatory burdens on credit union volunteer boards while maintaining governance and oversight requirements.
The legislation passed the Senate and now moves to the House of Representatives for final consideration.
“America’s Credit Unions, Leagues, and credit unions have worked hard to get the Credit Union Board Modernization Act enacted. Because of our close relationships with congressional champions and relentless, unified advocacy, we generated strong bipartisan support that kept this bill moving. Now, we've secured Senate passage and are looking forward to House passage and enactment into law," said Scott Simpson, president and CEO of America's Credit Unions. "Thank you to Chairman (Tim) Scott and Ranking Member (Elizabeth) Warren for their leadership on this housing package. Important issues such as these are not solved overnight, and we appreciate lawmakers' ongoing dialogue to find common-sense solutions."
The Defense Credit Union Council applauded the Senate for its "overwhelming" bipartisan passage of the bill, calling it a significant step toward addressing one of the greatest financial challenges facing military families, veterans, and communities across the country: housing affordability.
"For the more than 40 million consumers served by DCUC member credit unions, including active duty servicemembers, National Guard and Reserve personnel, veterans, military families, and the communities that support them, access to affordable housing is directly tied to financial readiness, economic mobility, and quality of life," said DCUC Chief Advocacy Officer Jason Stverak.
Stverak pointed out Defense credit unions see the housing affordability crisis firsthand.
"Rising home prices, limited inventory, increasing construction costs, and barriers to homeownership have placed tremendous pressure on military families who already face unique challenges associated with frequent relocations, deployments, and transitions to civilian life. We welcome Congress’ efforts to address housing supply constraints, streamline development, expand financing opportunities, and remove unnecessary barriers that contribute to rising housing costs," Stverak said.
DCUC, Stverak said, has long supported policies that increase access to safe, affordable housing while preserving opportunities for local lenders, including credit unions, to serve their communities.
"The bipartisan nature of this legislation demonstrates that housing affordability is not a Republican issue or a Democratic issue—it is an American issue," Stverak said. "While we continue to review the final legislative text and its implications for credit unions and the consumers they serve, we are encouraged by Congress’ recognition that addressing housing supply and affordability requires meaningful action rather than continued debate. The housing challenges facing military communities, veterans, and working families demand urgent attention. We now urge the House of Representatives to move swiftly to approve this legislation and send it to President Trump for his signature. Americans cannot afford further delays. Every month that passes without meaningful action means more families priced out of homeownership, more financial strain on military households, and fewer opportunities for communities to grow and prosper.
"As the legislative process moves forward, DCUC remains committed to working with lawmakers, regulators, and industry stakeholders to ensure that credit unions remain an integral part of the solution. Credit unions have helped generations of service-members and veterans achieve the dream of homeownership, and we stand ready to continue that mission," Stverak continued. "Housing affordability remains one of the defining economic challenges of our time. Tonight’s Senate vote represents an important step in the right direction. We encourage the House to finish the job and deliver this bipartisan housing package to the President’s desk without delay."
Originally reported by CU Today.