Bipartisan Senate bill would raise FCU loan maturity limits

Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) introduced a CUNA-supported bill Wednesday that would raise federal credit union loan maturity limits on non-mortgage loans from 15 to 20 years, the Expanding Access to Lending Options Act. CUNA wrote a letter of support of Scott and Cortez Masto Wednesday.

CUNA strongly supports efforts to raise the current 15-year limit for non-mortgages, and has called on both NCUA and Congress to make such a change.

“We thank Sens. Scott and Cortez Masto for their bipartisan legislation that would open increased consumer access to safe and affordable credit union loan products,” said CUNA President/CEO Jim Nussle. “By reducing barriers to credit for those borrowers seeking longer term loans, this legislation will help credit unions provide new opportunities for those seeking to write their own financial futures.”

CUNA, along with the Carolinas Credit Union League and the Nevada Credit Union League, directly engaged with legislators on the importance of this bill. Scott announced the bill during last week’s CUNA Governmental Affairs Conference (GAC) during a meeting with the Carolinas Credit Union League.

 

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