Senate Bill Will Increase Maturity Cap on Certain CU Loans

U.S. Senators Tim Scott (R-SC) and Catherine Cortez Masto (D-NV) introduced the Expanding Access to Lending Options Act (S.3389) on March 4.

The bill amends the Federal Credit Union Act allowing the maturity on certain credit union loans to be adjusted from the current loan maturity cap of 15 years to 20 years at the discretion of the National Credit Union Administration Board.

Read the press release.