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Longer Credit Union Loans: More Options for Citizens

This new law allows federal credit unions to offer longer loan repayment periods, up to 20 years or more if approved by the board. This means citizens may have access to more flexible lending terms, potentially making it easier to finance larger purchases like homes.
Key points
Maximum federal credit union loan maturity extended from 15 to 20 years, with potential for further extension by the board.
Increased flexibility in accessing loans for citizens, potentially lowering monthly payments.
Changes apply to loans that are not necessarily for a credit union member's principal residence.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_4167
Sponsor: Rep. Fitzgerald, Scott [R-WI-5]
Process start date: 2025-06-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

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 119_HR_4167.

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 2025-06-26.

What are the main provisions?

Key points include:

  • Maximum federal credit union loan maturity extended from 15 to 20 years, with potential for further extension by the board.
  • Increased flexibility in accessing loans for citizens, potentially lowering monthly payments.
  • Changes apply to loans that are not necessarily for a credit union member's principal residence.
What is the specific legal status?

The current status is Introduced.

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: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

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