Senators Scott and Cortez Masto Introduce Bi-Partisan Legislation to Expand Access to Lending Options For Families, Students and Farmers
WASHINGTON – U.S. Senator Tim Scott (R-SC) and U.S. Senator Catherine Cortez Masto (D-NV) have introduced the Expanding Access to Lending Options Act (S.3389), bipartisan legislation to expand access to lending options for 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 play a critical role in our communities, from the countless hand-up opportunities, personalized approach and high regard they offer their members. By allowing credit unions more options to offer their customers, we can help families, students, farmers and countless others find what is best for them,” Scott said.
“Credit unions play an important role in community lending, giving Nevadans the opportunity to buy a home, attend college, or start a business. This bill grants NCUA flexibility in setting loan maturities, which in turn allows credit unions to compete with bigger lenders and provide more loans in rural and underserved communities. I’ll continue fighting to ensure all Nevadans can access quality banking services in their own neighborhoods,” Cortez Masto said.
The Expanding Access to Lending Options Act of 2020 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.