Expanding Access to Lending Options Act

II 117TH CONGRESS 1ST SESSION S. 762 To provide the National Credit Union Administration Board flexibility to increase Federal credit union loan maturities, and for other purposes. IN THE SENATE OF THE UNITED STATES MARCH 16, 2021 Mr. SCOTT of South Carolina (for himself and Ms. CORTEZ MASTO) intro- duced the following bill; which was read twice and referred to the Com- mittee on Banking, Housing, and Urban Affairs A BILL To provide the National Credit Union Administration Board flexibility to increase Federal credit union loan matu- rities, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Expanding Access to 4 Lending Options Act’’. 5 SEC. 2. POWERS OF FEDERAL CREDIT UNIONS. 6 Section 107(5) of the Federal Credit Union Act (12 7 U.S.C. 1757(5)) is amended— 8 VerDate Sep 11 2014 04:30 Apr 03, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S762.IS S762 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 762 IS (1) in the matter preceding subparagraph (A), 1 by inserting ‘‘or up to a term of 20 years as the 2 Board may allow, in regulations’’ after ‘‘15 years’’; 3 and 4 (2) in subparagraph (A)(i), by striking ‘‘or will 5 be the principal residence of a credit union member, 6 and which is’’. 7 Æ VerDate Sep 11 2014 04:30 Apr 03, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S762.IS S762 pbinns on DSKJLVW7X2PROD with BILLS