Giving credit unions more flexibility

Senators Tim Scott, South Carolina Republican, Catherine Cortez Masto, Nevada Democrat, have introduced the Expanding Access to Lending Options Act to expand access to lending options for hard-working families across the country. The bill would allow credit unions more flexibility in the type of loans they may offer.
“Credit unions play a critical role in our communities, from the countless hand-up opportunities, personalized approach and high regard they offer their members. By allowing credit unions more options to offer their customers, we can help families, students, farmers and countless others find what is best for them,” Scott said. The Expanding Access to Lending Options bill adjusts the current loan maturity cap of 15 years on credit union products to 20 years at the discretion of the National Credit Union Administration Executive Board. It is supported by the Credit Union National Association, National Association of Federally-Insured Credit Unions , and the Carolinas, Nevada and California Credit Union Leagues.