Bill to enhance credit union loan maturity limit introduced in the House

Legislation extending the credit union loan maturity limit to 20 years was introduced in the House Thursday. The Expanding Access to Lending Options Act, introduced by a group of bipartisan representatives led by Rep. Scott Fitzgerald, R-Wis., also gives the NCUA authority to extend loan maturity even longer for certain loans.  

The bill combines provisions from two bills supported by America’s Credit Unions that were introduced last Congress. Cosponsors of the bill include Reps. Juan Vargas, D-Calif., Brad Sherman, D-Calif., Young Kim, R-Calif., Brian Fitzpatrick, R-Penn., William Timmons, R-S.C., and Dan Meuser, R-Penn. 

Both America’s Credit Unions and the Wisconsin Credit Union League expressed appreciation for the bill. 

“Economic uncertainty makes managing finances difficult. With the introduction of legislation to provide credit unions with loan maturity flexibility, Reps. Fitzgerald, Fitzpatrick, Sherman, Meuser, Kim, Vargas, and Timmons are giving 142 million Americans much-needed financial relief,” said America’s Credit Unions President/CEO Jim Nussle. “This bill enhances credit unions' ability to offer loans at rates and terms that fit their members’ needs. Credit unions are a safe haven for Americans trying to make ends meet and invest in their future. We thank the lawmakers for introducing this bipartisan legislation, and we urge the House to quickly advance it.” 

“Wisconsin's cooperative not-for-profit credit unions have evolved to meet the needs of their 3.9 million members and the communities they live and work in, serving as a lifeline and trusted financial partner for over 100 years,” said Wisconsin Credit Union League President/CEO Sarah Wainscott. “This bill delivers impactful regulatory evolution to increase loan maturity limits and remove red tape, allowing credit unions to better invest in what they do best - working toward the financial well-being for all. Wisconsin credit unions applaud and deeply appreciate the leadership of Congressman Fitzgerald and his colleagues for believing in credit unions and investing in policy that gives consumers greater opportunity for financial health and freedom." 

In a letter sent Thursday, Nussle urged members of the House Financial Services Committee to support the bill, calling for "swift consideration."