The Credit Union Board Modernization Act, which would alter the required amount of board member meetings from once per month to 6 per year, has passed the Senate as of Monday night, and now heads back to the House for another vote. The Board Modernization Act was passed as part of the larger 21st Century ROAD to Housing Act, which aims to tackle the national housing crisis by making homes easier to build, offering financial incentives for new constructions, and preventing the sale of single-family homes to large firms.

Following the vote, America’s Credit Unions President and CEO Scott Simpson issued a statement thanking members of Congress for their work on the bill and the organization’s commitment to seeing it passed and ultimately signed into law.

“America’s Credit Unions, Leagues, and credit unions have worked hard to get the Credit Union Board Modernization Act enacted,” said Simpson. “Because of our close relationships with congressional champions and relentless, unified advocacy, we generated strong bipartisan support that kept this bill moving. Now, we’ve secured Senate passage and are looking forward to House passage and enactment into law. Thank you to Chairman Scott and Ranking Member Warren for their leadership on this housing package. Important issues such as these are not solved overnight, and we appreciate lawmakers’ ongoing dialogue to find common-sense solutions.”

Along with the Board Modernization Act and the ROAD to Housing Act, the bill also included a few other credit union relief elements, according to ACU. These include “the Mentor-Protégé Program for Small Financial Institutions Act, which would empower minority depository institutions and other smaller credit unions to collaborate with larger credit unions in mentorship efforts, and the American Access to Banking Act, to promote the formation of de novo credit unions and other community banks by streamlining the federal application process.”

The House is expected to vote on this updated version of the bill later today.