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S. 3389: Expanding Access to Lending Options Act


The text of the bill below is as of Mar 4, 2020 (Introduced).


II

116th CONGRESS

2d Session

S. 3389

IN THE SENATE OF THE UNITED STATES

March 4, 2020

(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.