Several business groups are applauding the U.S. House of Representatives for passing a multi-billion dollar transportation bill, although the biggest winners may be banks and credit unions.

In its current form, the bill sets aside $625 billion over six years for highway maintenance and other transportation projects. Part of the money was originally going to come from diverting annual federal dividend payments to large banks to transportation, but after the banks protested, lawmakers chose instead to get the revenue from a Federal Reserve rainy-day fund, the New York Times reported. http://nyti.ms/1NxdWLZ

No bank associations issued statements about the bill's passage. However, banks were not the only financial institutions with a stake in the legislation. The bill also contained an amendment sought by credit unions. Among other things, the new language clarifies when credit unions could send privacy notices to consumers and allows certain credit unions to apply for membership in the Federal Home Loan Bank System.

Both the National Association of Federal Credit Unions and Credit Union National Association supported the amendment.

The House bill now needs to be reconciled with the Senate version of the legislation.

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