WASHINGTON--The House and Senate have passed slightly different versions of the 21st Century ROAD to Housing Act, a bill to expand available financing for affordable housing. Congress must resolve the differences between the two versions in order to send it to the President’s desk, America's Credit Unions noted.
As CUToday.info reported, Rep. Maxine Waters, ranking member of the House Financial Services Committee, on Monday called for conference committee negotiations with the Senate to work out the differences.
“We appreciate Ranking Member Waters’ focus on strengthening housing policy and ensuring this legislation delivers for families and communities across the country. As policymakers weigh next steps, including calls for a conference to reconcile the House and Senate bills, it is important that any final legislation expands access to affordable housing while supporting the community-based financial institutions that help make homeownership possible," said Scott Simpson, America's Credit Unions president/CEO. “We encourage Congress to remain focused on practical solutions that increase housing supply, expand responsible access to credit, and strengthen the financial institutions communities rely on every day.
“We encourage Congress to remain focused on practical solutions that increase housing supply, expand responsible access to credit, and strengthen the financial institutions communities rely on every day," continued Simpson.
The House-passed version contains language from the Credit Union Board Modernization Act. This would give the board of federal credit unions the ability to meet six times per year, instead of the currently required once per month.
It also contains amendments to make examination reforms, codify a Treasury mentorship program pairing small and rural financial institutions with larger ones, and promote the formation of de novo credit unions.
ACU added that the most significant addition to the Senate version is a ban on “large institutional investors” that own more than 350 single-family homes in aggregate from purchasing additional single-family homes.