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Increased Flexibility for Credit Union Loans

This act aims to provide federal credit unions with greater flexibility in offering loans, potentially leading to easier access to credit for citizens. These changes could impact loan repayment terms, allowing credit unions to extend the maximum loan maturity period. Citizens might gain new financing options, but it's crucial to always carefully review the terms of any offer.
Key points
Federal credit unions may be allowed to extend the maximum maturity period for certain loans from 15 to 20 years, subject to NCUA Board approval.
The changes could make it easier for credit union members to access loans by offering more flexible repayment terms.
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Expired
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Additional Information
Print number: 118_HR_6933
Sponsor: Rep. Fitzgerald, Scott [R-WI-5]
Process start date: 2024-01-10
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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 118_HR_6933.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-01-10.

What are the main provisions?

Key points include:

  • Federal credit unions may be allowed to extend the maximum maturity period for certain loans from 15 to 20 years, subject to NCUA Board approval.
  • The changes could make it easier for credit union members to access loans by offering more flexible repayment terms.
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 Rep. Fitzgerald, Scott [R-WI-5].

What is the latest detailed status?

The latest detailed status is: Sponsor introductory remarks on measure. (CR H67-68)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy