To the president’s desk: CUBMA moves forward with housing bill vote

The 21st Century ROAD to Housing Act, containing credit union regulatory relief provisions including the Credit Union Board Modernization Act (CUBMA), is on its way to the president’s desk in the final step to becoming a law. 

The House passed the Senate version of the bipartisan legislation Tuesday evening by a vote of 358-32. America’s Credit Unions released a statement, thanking committee leaders for their efforts to move the bill forward and urging President Trump to sign it. 

“With the House’s vote of approval on this housing package, the Credit Union Board Modernization Act is now set to become law. We applaud House Financial Services Chairman French Hill and Ranking Member Maxine Waters for championing this legislation through housing negotiations and understanding the importance of providing relief and flexibility to institutions to support affordable housing. We urge the President to quickly sign this important legislation into law,” said America’s Credit Unions President/CEO Scott Simpson. 

The bill includes several elements that benefit credit unions, including:

• 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; and
• American Access to Banking Act, to promote the formation of de novo credit unions and other community banks by streamlining the federal application process.

The bill passed the Senate by an 85-5 margin on Monday, setting the stage for House action on Tuesday. America’s Credit Unions, Leagues, and member credit unions have relentlessly advocated for CUBMA’s passage, working with congressional champions to advance it this session.