Expanding Access to Lending Options Act

Bill: 117-s-762
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2021-03-16
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Credit and credit markets

Housing finance and home ownership
Latest action: action_date: 2021-03-16
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-03-16
action_desc: Introduced in Senate
text: <p><b>Expanding Access to Lending Options Act </b></p> <p>This bill allows the National Credit Union Administration Board to increase the federal credit union loan maturity cap from 15 to 20 years. It also removes as a requirement for a mortgage from a credit union that a property must be a credit union member's principal residence.</p>

tv_txt: II 117th CONGRESS 1st Session S. 762 IN THE SENATE OF THE UNITED STATES March 16, 2021 Mr. Scott of South Carolina (for himself and Ms. Cortez Masto ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To provide the National Credit Union Administration Board flexibility to increase Federal credit union loan maturities, and for other purposes.

1. Short title This Act may be cited as the Expanding Access to Lending Options Act . 2. Powers of Federal credit unions Section 107(5) of the Federal Credit Union Act ( 12 U.S.C. 1757(5) ) is amended— (1) in the matter preceding subparagraph (A), by inserting or up to a term of 20 years as the Board may allow, in regulations after 15 years ; and (2) in subparagraph (A)(i), by striking or will be the principal residence of a credit union member, and which is .