WASHINGTON, DC (March 16, 2021) —
The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after Senate Banking Committee Members Tim Scott, R-S.C., and Catherine Cortez Masto, D-Nev., introduced NAFCU-sought legislation that would give the NCUA greater flexibility in setting loan maturity limits under the Federal Credit Union Act.
“NAFCU thanks Senators Tim Scott and Catherine Cortez Masto for introducing legislation that will provide credit unions and their members with better tailored options for loans,” said NAFCU President and CEO Dan Berger. “The coronavirus pandemic has underlined the need for several reforms to ensure credit unions can provide products and services that meet members’ needs, and providing the NCUA flexibility for maturity products and removing restrictive requirements on certain loans is a step in the right direction.
“NAFCU will continue its longstanding advocacy to modernize the outdated, 15-year limit on certain loans and help bring credit union maturities in line with today’s marketplace.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
