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The U.S. Senate has passed sweeping housing legislation aimed at addressing the nation's affordability crisis, while credit union advocates are pressing lawmakers to include provisions expanding access to emergency liquidity for financial institutions.
The bill, H.R. 6644, the Housing for the 21st Century Act, was advanced by the Senate as part of broader efforts to expand housing supply and improve affordability nationwide. As lawmakers negotiated amendments to the legislation, America's Credit Unions urged senators to support a proposal based on the bipartisan NCUA Central Liquidity Facility Enhancements Act, introduced by Sens. Alex Padilla (D-Calif.) and Kevin Cramer (R-N.D.).
The measure would broaden credit unions' access to the NCUA's Central Liquidity Facility (CLF), a federal emergency liquidity backstop. The proposal would restore pandemic-era provisions that made it easier for credit unions to participate in the facility and access liquidity during economic disruptions.
The Defense Credit Union Council (DCUC) praised the Senate's passage of the housing bill but also urged lawmakers to include the CLF modernization language as negotiations continue.
"The Senate's action to advance housing affordability legislation is an important step toward addressing one of the most pressing financial challenges facing American families," DCUC President/CEO Anthony Hernandez said.
DCUC noted the nation faces a shortage of 7.3 million affordable homes for extremely low-income renters, according to the National Low Income Housing Coalition.
Jason Stverak, DCUC's chief advocacy officer, said modernizing the CLF would help ensure credit unions maintain liquidity to support mortgage landing and financial stability for both military and civilian communities.
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