Congress Sends Landmark Housing Package to President After Late-Stage Drama

06/24/26

Congress has sent one of the most significant housing packages in decades to President Trump after overwhelming bipartisan votes in both chambers. The House voted 358-32 to pass the 21st Century ROAD to Housing Act, following an 85-5 vote in the Senate earlier this week. The legislation now sits on the President's desk and, once signed, would represent a major federal effort to address housing affordability, expand supply and modernize several rules affecting banks and mortgage lenders.

The final stretch of the bill's path has been a rollercoaster. After House passage yesterday, President Trump scheduled a signing ceremony today at the Capitol, with congressional leaders touting the bill as a rare bipartisan accomplishment on a major economic issue. However, the White House signing event was abruptly canceled after the President said he would delay action until Congress advances the SAVE America Act, separate voting legislation. House leadership has since indicated that the President still intends to sign the housing bill within the available signing window, but the timing remains fluid.

For bankers, the bill is important not only because of its housing provisions, but because it contains several banking-related reforms that OBL has been advocating for. The package would expand access to small-dollar mortgages, ease certain regulatory barriers to housing development, support manufactured and modular housing, and create incentives for communities that increase housing production. These provisions could be particularly meaningful in Ohio communities where affordability challenges, limited inventory and the economics of smaller mortgage loans continue to create obstacles for borrowers and lenders alike.

The legislation also includes a series of provisions directly impacting community banks. Among them are changes related to brokered and reciprocal deposits, longer examination cycles for certain institutions, de novo bank formation, and a Treasury mentor-protégé program designed to pair larger financial institutions with smaller banks, rural institutions and minority depository institutions. The bill also directs federal regulators to identify ways to reduce barriers for new community bank formation and study the challenges facing rural depository institutions.

The OBL has created this resource to help bankers understand the impact of the legislation. OBL will continue to monitor the President's action on the bill and the implementation of these provisions by federal agencies. The stalemate leaves several possible outcomes: President Trump can sign the bill within the 10-day window without any additional congressional action on the SAVE Act, allow it to become law without his signature if Congress remains in session, or reject it through a veto or pocket veto if Congress adjourns in a way that prevents its return. Because the legislation passed both chambers with veto-proof majorities, Congress would likely have the votes to override a veto and send the housing package into law over the President's objection.