Credit unions gain access to federal mortgage lending system
H.R. 7647 — MORE Opportunities for Homeownership Act · Filed by Vicente Gonzalez (D-TX) · 3 cosponsors · Introduced Feb 23, 2026 · Referred to committee
Your members of Congress
Enter a ZIP to see where your representative and both senators stood on this bill.
Looked up on this device — your ZIP is never stored on our servers.
What it does
This bill amends the Federal Home Loan Bank Act to allow credit unions, in addition to banks and thrift institutions, to become members of the Federal Home Loan Bank system. Currently, membership is limited to entities insured under the Federal Deposit Insurance Act; this change adds entities insured under the Federal Credit Union Act, expanding access to the system's mortgage lending support and liquidity services for credit union members.
Why we flagged it
The bill's operative mechanism is a straightforward eligibility amendment that expands access to a federal lending facility. It is a structural market-access change, not a subsidy, immunity grant, or deregulation — it opens a door rather than removing a barrier or creating a carve-out.
What the text implies
- Expanded Federal Home Loan Bank membership may increase credit unions' ability to offer fixed-rate mortgages and refinancing, potentially shifting market share from traditional banks to credit unions in mortgage origination.
- Credit unions gaining access to Federal Home Loan Bank liquidity facilities may reduce their reliance on brokered deposits and other higher-cost funding sources, lowering their cost of capital and potentially enabling lower mortgage rates.
The full analysis lists 3 implications of this text.
Who stands to gain
credit unions; credit union members seeking mortgages; community financial institutions