Bill > HR4167

This bill, known as the "Expanding Access to Lending Options Act," aims to provide the National Credit Union Administration (NCUA) with greater flexibility in setting loan maturity periods for federal credit unions. Specifically, the bill modifies the Federal Credit Union Act by extending the maximum loan maturity from 15 years to 20 years, with the NCUA Board having the authority to allow even longer loan terms through regulation. The bill also removes language that previously limited certain residential loans to properties that will be the principal residence of a credit union member. The legislation emphasizes that the NCUA, as the prudential regulator of federally chartered credit unions, should prioritize safety and soundness in its oversight. This change is intended to give credit unions more flexibility in offering loans and potentially make financing more accessible to their members while maintaining responsible lending practices.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4167/all-info