House advances bill with credit union regulatory relief

The House voted 396-13 Wednesday to advance a housing bill with several credit union regulatory relief provisions. A version of the 21st Century ROAD to Housing Act (H.R. 6644) passed the Senate, but the House amended it and will now return it to the upper chamber.

The bill contains language from these bills:

• Credit Union Board Modernization Act (H.R. 975), to allow credit union boards to meet a minimum of six times per year, rather than the currently required 12. The bill previously passed the House as stand-alone measure this Congress, and has a bipartisan Senate companion; 
• Advancing the Mentor-Protégé Program for Small Financial Institutions Act (H.R. 3709), which would empower minority depository institution (MDI) credit unions and other smaller credit unions to collaborate with larger credit unions in mentorship efforts; 
• American Access to Banking Act (H.R. 4544), which would promote the formation of de novo credit unions and other community banks by streamlining the federal application process, establishing mentorship programs, improving capital formation pathways, and establishing dedicated points of contact for applicants through casework support to ensure the success of de novo institutions.

America’s Credit Unions will remain engaged with the Senate as they consider this bill and other regulatory relief legislation.