Expanding Access to Lending Options Act

This proposal would let federal credit unions offer longer-term loans. Today, many of their loans are capped at 15 years. The bill would raise that cap to 20 years, and it would also let the National Credit Union Administration (NCUA) set even longer terms by regulation when it makes sense. It also emphasizes that the NCUA should keep safety and soundness as a top priority while overseeing these loans.

Key points:

• Who is affected: Federal credit unions and their members.
• What changes: The maximum loan term could increase from 15 years to 20 years, with the NCUA allowed to permit longer terms by rule.
• Oversight focus: Congress states the NCUA should prioritize safe and sound lending practices.