Monday night at the Capitol building saw another win for credit unions, when the House passed the Housing for the 21st Century Act (H.R. 6644) with a vote of 390-9. The bill contains a number of pro-credit union amendments, including the Credit Union Board Modernization Act, a long-supported and awaited change, which would alter the currently required monthly credit union board meetings to six times per year.
Additionally, the bill would “streamline the federal applications process for de novo credit unions, codify the Treasury’s mentorship program pairing small and rural financial institutions with larger ones, and provide well-managed, well-capitalized credit unions with combined safety-and-soundness and consumer compliance examinations, as well as allowing limited-scope, off-site examinations in alternate years.”
Furthermore, the bill includes a number of housing changes, including updates to the HOME program, the Rural Housing Service, increased access to FHA small-dollar mortgages, innovations to manufactured housing, and more.
America’s Credit Unions, which submitted a letter in support of the bill just before the vote, celebrated the victory Tuesday morning. President and CEO Scott Simpson released a statement thanking the House for passing the bill and continuing to support the work that credit unions do in their communities.
“The Housing for the 21st Century Act is an important step forward for credit unions, with several provisions that provide regulatory relief and support housing affordability,” said Simpson. “For years, America’s Credit Unions has advocated for modernizing outdated credit union governance rules that no longer reflect how institutions operate or the communities they serve. The inclusion of the bipartisan Credit Union Board Modernization Act within this package gives credit unions greater flexibility to build strong, effective boards while maintaining robust oversight and accountability.
“Modern governance helps credit unions focus on what matters most: expanding access to affordable financial services, supporting homeownership, and serving members during times of economic uncertainty,” Simpson continued. “We appreciate the House continuing to recognize the need for these updates and urge the Senate to move quickly to advance these commonsense reforms.”
From here, the bill moves on to the Senate for a final vote.
