Speaker of the House Mike Johnson (R-LA) sent the 21st Century ROAD to Housing Act to President Donald Trump on Monday for his signature. Trump has days excluding Sundays to sign or veto the legislation. If he takes no action, the bill is enacted.
The bill contains three pieces of legislation.
The Credit Union Board Modernization Act will allow federal credit union boards to meet a minimum of six times annually rather than the currently required 12.
The Mentor-Protégé Program for Small Financial Institutions Act would empower minority depository institutions and other smaller credit unions to collaborate with larger credit unions in mentorship efforts; and
The American Access to Banking Act would promote the formation of de novo credit unions and other community banks by streamlining the federal application process.
“America’s Credit Unions, Leagues, and credit unions have worked hard to get the Credit Union Board Modernization Act enacted,” Scott Simpson, America’s Credit Unions president and CEO, said after the Senate passed the bill on June 23. “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.”