This bill is called the Expanding Access to Lending Options Act. It would change the Federal Credit Union Act to let the National Credit Union Administration (NCUA) Board allow longer loan terms for federal credit unions. Specifically, it would replace a 15-year maximum with 20 years, and allow the Board to set even longer terms by regulation. The bill also removes a short phrase in a subparagraph that refers to a loan being the principal residence of a credit union member.
If you use or belong to a federal credit union, this bill could let your credit union offer loans with longer repayment periods if the NCUA Board adopts rules. The bill itself does not immediately change loan terms; the NCUA would need to make regulations before longer terms take effect.
No publicly available information.
The bill's title and text indicate supporters want to expand lending options by giving the NCUA Board flexibility to increase loan maturities. The bill also includes a statement saying the NCUA should place safety and soundness at the center of its oversight.
No publicly available information.