Rep. Fitzgerald urges support for loan maturity bill on House floor

Rep. Scott Fitzgerald, R-Wis., spoke on the House floor Thursday in support of his bill that would allow federal credit unions to make loans with maturities up to 20 years. Fitzgerald introduced the America’s Credit Unions-supported legislation with Reps. Juan Vargas, D-Calif., Young Kim, R-Calif., and Brad Sherman, D-Calif.

“My bill, the Expanding Access to Lending Options Act, will increase the cap on the maturity of a loan from 15-20 years, allowing the flexibility to offer longer terms with lower monthly payments for consumers while offering greater competition for lending products, including products for small business, student, and agricultural loans,” Fitzgerald said. “I look forward to working with my colleagues on this bipartisan bill to support Wisconsin credit unions and their members.”

Fitzgerald also thanked the more than 4,700 credit unions across the nation—including 111 in Wisconsin—for “improving the financial well-being of Americans and their communities.”

America’s Credit Unions supports policies to expand non-mortgage loan flexibility for student, agricultural, and business loans, as outlined in a message to members of Congress and regulators this week.

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