WASHINGTON— A sweeping housing bill expected to hit the House floor next week appears to be on track to pass and could become the only major piece of legislation likely to reach President Trump’s desk in the near term, according to congressional sources and credit union advocates tracking the process.
While the bill is primarily a housing-supply and affordability package, it also contains notable credit-union provisions that advocates say could deliver regulatory relief if enacted.
The measure — the Housing for the 21st Century Act (H.R. 6644) — is slated for possible consideration on the House “suspension calendar,” which requires two-thirds support and is typically reserved for non-controversial bills. A Washington source told CUToday.info the House Financial Services Committee, including Ranking Member Maxine Waters (D-CA), is cooperating to move the package quickly.
Senate negotiators are expected to take up a similar but not identical housing package in coming weeks, setting up a likely conference committee.
Of significant interest to credit unions, the House bill was recently expanded with a new Title VI that bundles two industry priorities: the Credit Union Board Modernization Act and the TAILOR Act. The Washington source said Title VI was added to “sweeten the pot” for smaller banks and credit unions and to draw them into supporting housing reform. The provisions would provide meaningful exam relief and governance flexibility for well-run credit unions under $6 billion in assets.
According to the Defense Credit Union Council, which has been tracking this bill’s progress, Section 603 would create alternating full and limited-scope exams and allow combined examinations; Section 604 would effectively expand eligibility for an 18-month exam cycle up to $6 billion; and Section 605 would let qualifying federal credit union boards meet at least six times per year instead of monthly.
Together, DCUC said, the changes would reduce supervisory burden while preserving safety and soundness.
DCUC Chief Advocacy Officer Jason Stverak said the House-Senate conference process also creates an opening to add more credit-union priorities. He said DCUC plans to push for items such as CLF modernization, veterans’ MBL authority, and longer loan maturities, even as it monitors the two provisions already in the bill.
“As this process moves forward and the House and Senate work toward a comprehensive housing package, we will be urging lawmakers to include additional credit-union priorities in the final bill,” Stverak said. “At the top of DCUC’s list are veterans’ MBL authority — where our recent partnership with the American Legion underscores broad national support — and the inclusion of CLF language in any final agreement.
“On the Board Modernization Act and the TAILOR Act, we view both as very positive,” continued Stverak. “Whenever there are opportunities to reduce unnecessary regulatory burden and make it easier for credit unions — especially smaller ones — to serve their members, that is a win, so long as safety and soundness are fully preserved.
“With respect to timing, Congress has already held multiple bipartisan hearings on housing, and this bill appears to be a vehicle that can move quickly with broad support. As my late father used to say, ‘you strike while the iron is hot,’ and this may be the only major piece of legislation likely to advance in the near term,” Stverak concluded.
America's Credit Unions emphasized that credit unions support efforts to increase housing supply and improve affordability.
"It is encouraging to see legislation moving that reflects the role credit unions play in helping families access affordable homeownership," stated ACU President/CEO Scott Simpson. "Provisions like the TAILOR Act and Board Modernization Act would provide thoughtful, targeted relief that allows credit unions to focus more of their time and resources on serving members and meeting local housing needs, while maintaining strong safety and soundness standards. As this bill moves forward, America’s Credit Unions will continue working with lawmakers to ensure the final package strengthens housing availability and preserves the regulatory framework that allows credit unions to responsibly expand access to mortgage credit in the communities they serve.”