Expanding Access to Lending Options Act

Bill: 118-hr-6933
Sponsor: full_name: Rep. Fitzgerald, Scott [R-WI-5]
Introduced: 2024-01-10
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-01-11
text: Sponsor introductory remarks on measure. (CR H67-68)

Summaries:
action_date: 2024-01-10
action_desc: Introduced in House
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: I 118th CONGRESS 2d Session H. R. 6933 IN THE HOUSE OF REPRESENTATIVES January 10, 2024 Mr. Fitzgerald (for himself, Mr. Vargas , Mrs. Kim of California , and Mr. Sherman ) introduced the following bill; which was referred to the Committee on Financial Services 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. Sense of Congress It is the sense of Congress that as the prudential regulator of the federally chartered credit unions of the United States, it is of paramount importance that the NCUA place safety and soundness as a cornerstone of its oversight of these credit unions. 3. 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, as the Board may allow by regulation, shall not exceed 20 years) 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 .