WASHINGTON--The Senate Banking Committee advanced the bipartisan Renewing Opportunity in the American Dream (ROAD) to Housing Act Tuesday with a unanimous vote.
America’s Credit Unions wrote to the committee prior to the markup, calling the bill a strong first step in addressing housing affordability and shortages.
The bill is designed to boost housing supply, improve affordability, and increase oversight.
America’s Credit Unions said it supports language in the bill that:
- Allows the CFPB to revise mortgage originator compensation rules so that loan officers are not penalized for originating small-dollar mortgages
- Permits the CFPB to adjust the Qualified Mortgage points-and-fees cap for loans under $100,000
- Modernizes the Federal Housing Administration’s appraisal requirements, allows greater use of credentialed trainees, and expands appraiser workforce development through grants
America’s Credit Unions added it strongly supports additional legislation to allow credit unions to offer longer loan terms and include credit unions as Community Financial Institutions under the Federal Home Loan Bank Act. It will continue to work to advance those bills, as well as advocate for additional policies to let credit unions serve members in the housing market.
The Defense Credit Union Council commended the Senate Banking Committee’s unanimous advancement of the bipartisan ROAD to Housing Act.
"Improving access to affordable housing for veterans, service members, and their families aligns directly with our mission at the Defense Credit Union Council," stated DCUC Chief Advocacy Officer Jason Stverak. "Credit unions serving the military community stand ready to support this legislation, which offers meaningful relief and long‑term stability to those who’ve served our country.”