House Financial Services Committee advances credit union-backed housing bills

The House Financial Services Committee advanced several bills backed by America’s Credit Unions-backed Thursday at the close of its two-day markup.

The credit union-supported legislation includes:

• The Housing for the 21st Century Act (H.R. 6644), which would update statutory loan limits for Federal Housing Administration mortgage insurance for multifamily projects; and reform and improve the HOME Program, and Rural Housing Service. It passed 50-1;
• The NFIP Extension Act of 2026 (H.R. 5577), which would provide a clean one-year extension of the National Flood Insurance Program. It passed 53-0;
• The Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow (REVIEW) Act (H.R. 6544), which would include all Federal Financial Institutions Examination Council regulators, including the NCUA, in the Economic Growth and Regulatory Paperwork Reduction Act review process and shortening the process to seven years (from the current 10). It passed 30-23; and
• The New Bank Application Numbers Knowledge (New BANK) Act (H.R. 6551), Merger Agreement Approvals Clarity and Predictability Act (H.R. 6570), and Merger Process Review Act (H.R. 6546), which cover the NCUA and credit unions as part of their reviews of merger processes. All three passed unanimously.

In advance of the markup, America’s Credit Unions wrote in support of those bills and urged the committee to consider additional credit union priorities as it examines measures to aid community financial institutions.