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Longer Credit Union Loans: New Options for Citizens

This act grants federal credit unions more flexibility to offer longer loan repayment periods, up to 20 years. This means citizens may have access to loans with lower monthly payments, making it easier to manage household budgets and access financing for larger expenses.
Key points
Federal credit unions can now offer loans with repayment terms up to 20 years, instead of the previous 15 years.
This change may lower monthly loan payments, making them more accessible to citizens.
The act also removes the restriction on whether the property must be the principal residence of a credit union member, potentially broadening the scope of mortgage loans.
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Expired
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Additional Information
Print number: 117_S_762
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2021-03-16
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Expanding Access to Lending Options Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_762.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-16.

What are the main provisions?

Key points include:

  • Federal credit unions can now offer loans with repayment terms up to 20 years, instead of the previous 15 years.
  • This change may lower monthly loan payments, making them more accessible to citizens.
  • The act also removes the restriction on whether the property must be the principal residence of a credit union member, potentially broadening the scope of mortgage loans.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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