Housing Bill Heads To Trump; Credit Union Board Reform Set To Become Law
By CU Today Staff —
WASHINGTON—Congress has cleared the 21st Century ROAD to Housing Act for President Trump's signature, delivering a bipartisan housing package that expands homeownership initiatives while also enacting long-sought credit union governance reforms. Sources familiar with the matter told CUToday.info that Trump is expected to sign the legislation Wednesday morning.
The measure passed the Senate Monday on an 85-5 vote before winning final approval in the House, sending to the White House a broad package aimed at increasing housing supply, improving affordability and expanding financing opportunities. Included in the legislation is the Credit Union Board Modernization Act, which will reduce the frequency of required board meetings at well-capitalized credit unions, a change credit union trade groups have argued will modernize governance requirements and provide greater operational flexibility as institutions focus on serving members and addressing housing affordability challenges.
The Defense Credit Union Council reminded that the board modernization provisions mark a "meaningful victory for credit unions and a positive step toward long-overdue regulatory updates for the industry."
"Credit unions witness the housing affordability crisis firsthand, especially among military communities who face frequent relocations, deployments, and unique financial challenges,” said Anthony Hernandez, DCUC president/CEO, ret. U.S. Air Force colonel. “We applaud Congress for advancing meaningful, bipartisan solutions that address housing supply, expand financing opportunities, and help more Americans achieve the dream of homeownership."
Across committee markups and floor votes, DCUC said it had called for bipartisan support of the legislation to expand access to safe, affordable housing while preserving opportunities for credit unions as local lenders to best serve their communities.
"The overwhelming bipartisan support for this legislation demonstrates that housing affordability is an issue that rises above politics," added Jason Stverak, DCUC chief advocacy officer. "We commend leaders in both the House and Senate for working together to move this legislation across the finish line. Credit unions remain committed to helping members and communities nationwide build financial stability through affordable homeownership, and we look forward to President Trump's signature so these important reforms can begin making a difference across the country."
America's Credit Unions applauded the legislation.
“With the House’s vote of approval on this housing package, the Credit Union Board Modernization Act is now set to become law. We applaud House Financial Services Chairman French Hill and Ranking Member Maxine Waters for championing this legislation through housing negotiations and understanding the importance of providing relief and flexibility to institutions to support affordable housing. We urge the President to quickly sign this important legislation into law," said Scott Simpson, ACU president/CEO.
Originally reported by CU Today.