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| Senate clears Bill with Credit Union Regulatory Relief |
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The Senate advanced the 21st Century ROAD to Housing Act Monday evening with a vote of 85-5, which contains several credit union regulatory relief provisions including the Credit Union Board Modernization Act. America’s Credit Unions wrote to Senate leadership prior to the vote encouraging them to advance the bill.
“America’s Credit Unions, Leagues, and credit unions have worked hard to get the Credit Union Board Modernization Act enacted,” said Scott Simpson, America’s Credit Unions President/CEO. “Because of our close relationships with congressional champions and relentless, unified advocacy, we generated strong bipartisan support that kept this bill moving. Now, we've secured Senate passage and are looking forward to House passage and enactment into law.
"Thank you to Chairman Scott and Ranking Member Warren for their leadership on this housing package. Important issues such as these are not solved overnight, and we appreciate lawmakers' ongoing dialogue to find common-sense solutions."
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 House passed a previous version of the 21st Century ROAD to Housing Act with the same provisions, but the Senate passed an amended version. It now heads to the House, where a vote is expected as soon as today.
Senate Majority Leader John Thune, R-S.D., spoke of the importance of credit union regulatory relief on the Senate floor Thursday.
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