The U.S. Capitol. Photo: Diego M. Radzinschi/ALM
In a July 28 letter to the Senate Committee on Banking, Housing, and Urban Affairs, America’s Credit Unions (AmCU) expressed support for the bipartisan ROAD to Housing Act and called for additional reforms to expand housing access and affordability through the credit union system.
The organization commended the committee for prioritizing the nation’s growing housing challenges and stated that credit unions are committed to improving access to safe and affordable housing, especially in underserved communities. The letter outlined specific policy suggestions aimed at strengthening the role of credit unions in the housing market.
Key recommendations included updating the definition of Community Financial Institutions (CFIs) to expand credit union eligibility for the Federal Home Loan Bank System. According to the letter, over 1,800 credit unions could qualify if they were recognized as CFIs under a revised definition. The group also urged Congress to modernize field-of-membership rules to allow all federal credit unions to serve underserved areas, arguing this would enhance access to housing finance for more Americans.
In addition, AmCU called for regulatory streamlining to ensure small, community-based lenders can participate effectively in federal housing programs.
The Senate Banking Committee is expected to consider the ROAD to Housing Act during its upcoming legislative markup. AmCU said it looks forward to working with lawmakers to ensure the final bill reflects the needs of cooperative financial institutions and their members.
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