U.S. Senate Passes Housing Bill With Community Bank Provisions
With U.S. home prices and rents elevated, the bipartisan Housing for the 21st Century Act (H.R. 6644) seeks to increase supply, ease construction restrictions and modernize Department of Housing and Urban Development programs. Its manufactured-housing reforms are estimated to save as much as $10,000 per home, and the measure incorporates nine community banking bills.
The Senate passed the bill by 85–5 on June 22, 2026, and the House approved it the following day by 358–32, sending it to President Trump. The financial provisions raise the cap on reciprocal deposits that can be excluded and allow qualifying banks with less than $10 billion in assets to treat certain custodial deposits totaling no more than 20% of their liabilities as nonbrokered deposits.
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The history behind this eventU.S. Senate Advances Housing Bill Without Brokered Deposit Reforms
A shortage of housing supply and rising home prices and mortgage costs in the United States prompted Congress to combine the 21st Century Housing Act with the Senate's ROAD to Housing Act. The House passed H.R. 6644 by a 396–13 vote on February 9, 2026, including 12 community bank regulatory measures covering brokered and custodial deposits.
The version passed by the Senate in an 89–10 vote on March 12 omitted those deposit reforms. On June 16, Senate Banking Committee Chairman Tim Scott and other congressional leaders unveiled compromise language that restored the banking provisions and restricted home purchases by large institutional investors. The Senate subsequently advanced the measure in an 87–8 procedural vote.
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