CUNA/league-supported bipartisan bill raising loan maturity limits introduced
WASHINGTON, DC (March 16, 2021) —
Sens. Catherine Cortez Masto (D-Nev.) and Tim Scott (R-S.C.) today introduced the Expanding Access to Lending Options Act which would raise federal credit union loan maturity limits on non-mortgage loans from 15 to 20 years. The Credit Union National Association (CUNA), the Nevada Credit Union League (NCUL), and the Carolinas Credit Union League worked collaboratively to engage legislators and express support for the bill.
“This bill by Senators Cortez-Masto and Scott will help create more opportunities for those seeking opportunities to access affordable credit options and grow their financial future,” said CUNA President/CEO Jim Nussle. “America’s credit unions look forward to having more opportunities to partner with consumers to promote their financial well-being and advance their communities.”
CUNA has called on both NCUA and Congress to raise the current 15-year limit for non-mortgages.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.