The U.S. Capitol Building
The Senate overwhelmingly approved the 21st Century ROAD to Housing Act on Monday, advancing a bipartisan housing package that includes several long-sought credit union regulatory relief measures.
The legislation passed by an 85-5 vote and contains the Credit Union Board Modernization Act, a measure that would allow federal credit union boards to meet a minimum of six times per year instead of the current requirement of 12 annual meetings.
"America's Credit Unions, Leagues, and credit unions have worked hard to get the Credit Union Board Modernization Act enacted," said America's Credit Unions President/CEO Scott Simpson. "Because of our close relationships with congressional champions and relentless, unified advocacy, we generated strong bipartisan support that kept this bill moving."
In addition to board modernization, the bill includes the Mentor-Protégé Program for Small Financial Institutions Act, which would encourage collaboration between larger institutions and minority depository institutions and smaller credit unions. It also incorporates the American Access to Banking Act, designed to support the formation of de novo credit unions and community banks by streamlining the federal application process.
The Senate package was championed by Senate Banking Committee Chairman Tim Scott (R-S.C.) and Ranking Member Elizabeth Warren (D-Mass.), and represents months of bipartisan negotiations focused on housing affordability and community financial institution growth.
"Now, we've secured Senate passage and are looking forward to House passage and enactment into law," Simpson said, thanking Scott and Warren for their leadership on the package.
The House previously passed a version of the legislation containing the same credit union provisions. Because the Senate approved an amended version, the measure must return to the House for final consideration before it can be sent to President Donald Trump for signature. House action is expected as soon as this week.
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