French Hill Drops Opposition, Clearing Path For Housing Bill
By CU Today Staff —
WASHINGTON— Congressional leaders in the House and Senate have reached a final agreement on a bicameral housing deregulation package after months of negotiations, according to a report from Punchbowl News.
The breakthrough came after House Financial Services Committee Chairman French Hill (R-AK) dropped his opposition to the Senate's latest version of the legislation. According to Punchbowl, Senate negotiators agreed to sunset the disaster recovery block grant reauthorization program after three years, helping clear a key obstacle to a final deal.
In addition to the housing provisions, Hill secured a series of banking deregulation measures in the final text. The Senate is expected to vote on the legislation later Tuesday, with the agreement setting the stage for what would be one of the most significant housing deregulation packages approved by Congress in recent years.
Hill, in a statement, highlighted the legislation's strong focus on community banking priorities.
“Bipartisan, bicameral legislating is never easy – but progress matters. I appreciate the Senate including a three-year sunset on the CDBG-DR program and adopting key House priorities including 9 community banking bills and the House’s language limiting institutional investors from outcompeting American families in the housing market. This bill is a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership. I look forward to President Trump signing it into law," Hill said.
The Defense Credit Union Council reacted to the news.
"DCUC is encouraged by reports that House and Senate negotiators have reached agreement on housing legislation intended to expand affordability and increase housing opportunities for American families, including servicemembers, veterans, and military communities," stated DCUC Chief Advocacy Officer Jason Stverak. "We are particularly pleased by reports that the agreement includes long-sought credit union board modernization provisions. DCUC has consistently advocated for commonsense governance reforms that allow credit unions to better attract qualified volunteer leadership, strengthen oversight, and modernize operations while remaining focused on serving members. If included in the final legislative text, this would represent a meaningful step forward for the credit union movement.
"At the same time, Stverak added, "significant questions" remain regarding the broader financial services provisions reportedly included in the package."Credit unions have too often watched Congress provide substantial regulatory relief, expanded authorities, and operational benefits to banks while offering only limited consideration to the not-for-profit financial cooperatives that serve more than 145 million Americans," he said. "While board modernization would be an important victory, the question remains whether it meaningfully balances the scale of the benefits reportedly being provided to banks. Credit unions deserve equal treatment under federal law and should not be asked to celebrate incremental progress while other sectors receive far more expansive regulatory advantages."
The Independent Community Bankers of America had been pressing congressional leaders to include the following in the housing bill:
Washington Credit Union Advocate John McKechnie told CUToday.info the housing bill is a "win for credit unions. I’m grateful that Congress listened to our input on an issue that may not be sexy, but it’s important and if you listen to credit union leaders, provides real-time reg relief. Do I wish credit unions got more goodies in this bill? Sure. But to me that just means we’ll redouble our efforts for the next opportunity.”
Stverak added that DCUC "looks forward to reviewing the final legislative text and evaluating its full impact on defense credit unions and the members they serve. We appreciate lawmakers’ efforts to advance housing policy and recognize the reported inclusion of credit union priorities. However, Congress must move beyond a pattern of treating credit unions as an afterthought and instead ensure parity whenever financial services legislation is considered. Defense credit unions stand ready to help address our nation’s housing challenges, support military financial readiness, and expand access to affordable financial services. We hope the final agreement reflects the critical role credit unions play in communities across America and provides the equal treatment they have earned.”
ACU Thanks Hill, Scott, Warren, Waters
"America's Credit Unions thanks Chairmen (Tim) Scott and Hill and Ranking Members (Elizabeth) Warren and (Maxine) Waters for their bipartisan leadership to address affordable housing issues. Credit unions make homeownership possible for millions of members, and we are encouraged by lawmakers' efforts to focus on practical solutions through the 21st Century Road to Housing Act," said ACU President/CEO Scott Simpson. "The legislation includes regulatory relief provisions that will allow credit unions to focus more of their resources on serving their members, including through the Credit Union Board Modernization Act. Our relentless advocacy with league partners and industry stakeholders for improvements to the regulatory environment will fuel stronger communities and deliver real results for families. We urge Congress to swiftly pass this much-needed package."
Originally reported by CU Today.