A long-sought regulatory relief measure for credit unions is headed to President Donald Trump's desk after the House overwhelmingly approved the Senate version of the 21st Century ROAD to Housing Act on Tuesday.
The House voted 358-32 to pass the bipartisan housing package, which includes the Credit Union Board Modernization Act (CUBMA), one of the credit union industry's top legislative priorities. The Senate approved the measure Monday by an 85-5 vote.
CUBMA would allow federal credit union boards to meet a minimum of six times per year rather than the current requirement of 12 meetings annually.
"With the House's vote of approval on this housing package, the Credit Union Board Modernization Act is now set to become law," said America's Credit Unions President/CEO Scott Simpson. "We urge the President to quickly sign this important legislation into law."
In addition to board modernization, the legislation includes the Mentor-Protégé Program for Small Financial Institutions Act, designed to encourage partnerships between larger institutions and minority depository institutions and smaller credit unions. It also contains the American Access to Banking Act, which aims to streamline the process for establishing de novo credit unions and community banks.
The Defense Credit Union Council (DCUC) praised the legislation's broader focus on housing affordability and homeownership.
"Credit unions witness the housing affordability crisis firsthand, especially among military communities who face frequent relocations, deployments, and unique financial challenges," said DCUC President/CEO Anthony Hernandez. "We applaud Congress for advancing meaningful, bipartisan solutions that address housing supply, expand financing opportunities, and help more Americans achieve the dream of homeownership."
Jason Stverak, DCUC's chief advocacy officer, said the bill's overwhelming bipartisan support demonstrates that housing affordability remains an issue that transcends partisan politics.
If signed by Trump, the legislation would mark one of the most significant credit union regulatory relief victories in recent years.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.