WASHINGTON—The House Wednesday overwhelmingly approved the bipartisan 21st Century ROAD to Housing Act in a 396-13 vote, advancing a sweeping package aimed at boosting housing supply, easing regulatory barriers to development and expanding community bank participation in housing finance after the White House signaled support for the measure.
The legislation, H.R. 6644, combines provisions previously passed separately by the House and Senate and would reward communities that increase housing construction, streamline environmental reviews for certain projects, reform federal housing programs and ease restrictions tied to small-dollar mortgage lending. Lawmakers also approved related measures designed to encourage de novo bank formation and revise brokered deposit rules viewed by community banks as outdated.
The bill also includes provisions strongly backed by community banking groups, including changes to the treatment of custodial and reciprocal deposits under brokered deposit rules.
The Defense Credit Union Council said it appreciates Congress’s continued focus on advancing housing solutions for American families and recognizes the inclusion of credit union board modernization provisions within the 21st Century ROAD to Housing Act as a positive step toward improving operational flexibility for federally insured credit unions.
“As lawmakers continue refining housing and financial services policy, we encourage Congress to work closely with credit unions and industry stakeholders on additional meaningful reforms that would further strengthen credit unions’ ability to support homeownership and financial stability for their members,” stated ,” said Anthony Hernandez, DCUC president/CEO, ret. U.S. Air Force colonel.
DCUC noted that reforms such as loan maturity modernization, veteran member business lending (VMBL) improvements, and Central Liquidity Facility (CLF) enhancements and modernization remain important priorities for credit unions serving members nationwide.
“Credit unions play a critical role in expanding access to affordable financial services and supporting long-term financial readiness,” added Jason Stverak, DCUC chief advocacy officer. “Thoughtful, targeted reforms can help ensure these community-based institutions have the tools necessary to continue meeting the evolving housing and lending needs of their members.”