WASHINGTON--Speaker of the House Mike Johnson (R-LA) officially transmitted the 21st Century ROAD to Housing Act to the White House Monday, America's Credit Unions reported.
Mike Johnson
This gives President Donald Trump 10 days (not counting Sundays) to sign or veto the legislation. If he takes no action, the bill is enacted.
Passed through the House and Senate with bipartisan votes last week, the bill contains the:
- Credit Union Board Modernization Act, to allow federal credit union boards to meet a minimum of six times per year rather than the currently required 12
- 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
- American Access to Banking Act, to promote the formation of de novo credit unions and other community banks by streamlining the federal application process.
America’s Credit Unions President/CEO Scott Simpson thanked legislators for their bipartisan work, including credit union regulatory relief, and urged the president to quickly sign the bill into law.
The Defense Credit Union Council applauded Johnson for transmitting the Act to the White House.
"Housing affordability remains one of the greatest financial challenges facing military families, veterans, and communities across the country, and credit unions are committed to being part of the solution," stated DCUC Chief Advocacy Officer Jason Stverak. "DCUC is particularly encouraged that this legislation includes credit union board modernization provisions that provide federally insured credit unions with greater operational flexibility to better serve their members. We appreciate Congress’s bipartisan work to advance meaningful housing reforms and urge continued collaboration with the credit union industry on additional priorities, including loan maturity modernization, veteran member business lending (VMBL) improvements, and modernization of the Central Liquidity Facility."