Speaker sends housing bill with credit union provisions to president

Speaker of the House Mike Johnson, R-La., officially transmitted the 21st Century ROAD to Housing Act to the White House Monday. 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 strong 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; 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.

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.