NAFCU Summary of notable sections of The American Housing and Economic Mobility Act

On April 23, 2021, Senator Elizabeth Warren (D-Mass.) reintroduced The American Housing and Economic Mobility Act (the bill), which was first introduced in the 115th Congress and subsequently reintroduced in the 116th Congress in 2019. The bill is a comprehensive reform package designed to overhaul the housing system and has undergone several changes that make it distinct from its predecessor. The version from the 115th Congress would have imposed Community Reinvestment Act (CRA) requirements for credit unions. The version of the bill from the 116th Congress does not include credit unions in CRA and allows for all credit unions to add underserved areas to their fields of membership. The new 117th Congress, 2021 version of the legislation remains the same as the 116th Congress version in terms of the credit union section. The bill does impose additional statutory measuring and reporting requirements on credit unions and, as a consequence, NAFCU cannot support the legislation.