IN THE SENATE OF THE UNITED STATES
March 4, 2020
Mr. Scott of South Carolina (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
To provide the National Credit Union Administration Board flexibility to increase Federal credit union loan maturities, and for other purposes.
This Act may be cited as the
Expanding Access to Lending Options Act.
Powers of Federal credit unions
Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5)) is amended—
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
in subparagraph (A)(i), by striking
or will be the principal residence of a credit union member, and which is.