Compliance answers about the ROAD to Housing Act, CIP for minors

Buying a home is part of the American Dream. Credit unions, with our focus on helping members financially thrive, are uniquely positioned when members want to make this move.  In their newest Compliance Blog post, the compliance team at America’s Credit Unions looks ahead at pending legislation with potential to revamp the housing market, the ROAD to Housing Act of 2025. The compliance blog also discussed specific questions around whether the Customer Identification Program (CIP) should be performed on minors.  

• The ROAD to Housing Act: With the bill still under deliberation in Congress and credit union input still possible for the final bill text, the compliance team pulled out seven key sections that can impact credit unions. Each section is discussed to show how credit unions can expect to be impacted, from changes to review procedures by regulators, addressing long-standing issues, and more.
• Customer Identification Program (CIP) Procedures and Minors: This is a frequently asked question for the compliance team. The post covers whether or not minors should be included in the CIP. Referencing the NCUA’s Model Bylaws as well as providing a refresher on what is defined as a “customer,” the team explains when exactly your credit union should perform CIP on a minor. 

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