Scott and Cortez Masto Reintroduce Bipartisan Legislation to Expand Access to Lending Options For Families, Students, and Farmers

WASHINGTON – U.S. Senator Tim Scott (R-S.C.) and U.S. Senator Catherine Cortez Masto (D-Nev.) have reintroduced the Expanding Access to Lending Options Act (S.3389), bipartisan legislation to expand access to lending options for millions of hard-working families across the country. The bill will allow credit unions more flexibility in the type of loans they may offer, providing consumers with more options and better payment plans, including student lending options and agricultural loans.

“Credit unions are a key part of the economic ecosystem, and the services they provide make a positive and personalized difference in the financial lives of millions of Americans,” said Senator Scott. “This bill provides important regulatory flexibility to allow credit unions to offer a wider choice of products and services to more effectively meet the credit needs of their members and communities.”

“Credit unions offer opportunity to many Nevadans, allowing them to buy a home, pay for an education, or start a business,” said Senator Cortez Masto. “As Nevada recovers from the coronavirus pandemic and looks to a robust recovery, it’s even more important to give hardworking families flexible credit options. This legislation grants NCUA the flexibility to allow federally-insured credit unions to provide loans for small business, RVs, and real estate that will offer more options to borrowers, particularly those in our rural and underserved communities. I’m going to continue working in the Senate to ensure that all Nevadans can access quality banking services.” 

The Expanding Access to Lending Options Act of 2021 adjusts the current loan maturity cap of 15 years on credit union products to 20 years at the discretion of the National Credit Union Administration Executive Board. 

It is supported by the Credit Union National Association (CUNA), National Association of Federally-Insured Credit Unions (NAFCU), and the Carolinas, Nevada, and California Credit Union Leagues.

Click here to read full bill text.