The Expanding Access to Lending Options Act gives the National Credit Union Administration Board greater authority to extend the maximum loan terms that federal credit unions can offer to their members. Currently, federal credit unions are limited to issuing loans with 15-year terms, but this bill allows the Board to increase that maturity period up to 20 years through new regulations. The legislation primarily affects federal credit unions and their members by providing more flexibility in how long borrowers can take to repay loans, potentially making larger purchases more affordable through extended repayment periods. The bill also modifies existing rules about residential property loans, though the specific impact of that change is not detailed in the text provided. No specific funding or implementation timeline is included in the legislation.
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