Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Tim Scott (R-S.C.) introduced the Expanding Access to Lending Options Act, bipartisan legislation to expand access to lending options for hardworking families across the country. The bill will allow credit unions more flexibility in the type of loans they may offer, providing consumers with more options and better payment plans, including for student and agricultural loans.
“Credit unions offer opportunity to many Nevadans, allowing them to buy a home, pay for an education, or start a business,” said Senator Cortez Masto. “As Nevada recovers from the coronavirus pandemic and looks to a robust recovery, it’s even more important to give hardworking families flexible credit options. This legislation grants NCUA flexibility in setting loan maturities, which in turn allows credit unions to offer more options to borrowers, particularly those in our rural and underserved communities. I’m going to continue working in the Senate to ensure that all Nevadans can access quality banking services.”
“Credit unions are a key part of the economic ecosystem, and the services they provide make a positive and personalized difference in the financial lives of millions of Americans,” said Senator Scott. “This bill provides important regulatory flexibility to allow credit unions to offer a wider choice of products and services to more effectively meet the credit needs of their members and communities.”
“The credit unions in Nevada, as well as those nationally thank and appreciate the leadership of Senators Cortez Masto and Tim Scott for this bi-partisan bill,” said Matt Kershaw, Chairman Nevada Credit Union League (CEO, Clark County Credit Union). ”This legislation will allow the members of federal credit unions greater access to affordable lending products with reasonable lending terms. Providing increased maturity rates allows for lower payments and increases access and affordability to the market, for all consumers. This is a simple parity piece allowing a level playing field between state and federally chartered credit unions.”
The Expanding Access to Lending Options Act 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 (CUNA), National Association of Federally-Insured Credit Unions (NAFCU), and the Carolinas, Nevada and California Credit Union Leagues.