WASHINGTON--Updating federal credit union loan maturities is a credit union advocacy priority in the final months of the 119th Congress, America's Credit Unions noted.
"Adjusting the length of loans would help credit unions offer loans to meet members’ evolving needs," AC said.
A recently updated handout available in America’s Credit Unions’ Advocacy Resource Library provides details on consumers’ need for greater flexibility, legislation that can help, and how credit unions can advocate for change.
The bipartisan Expanding Access to Lending Options Act (S. 3616/H.R. 4167) would extend loan maturity limits to up to 20 years for most loans, and up to 30 years for all mortgage loans, giving credit unions the flexibility to offer longer loan terms and lower monthly payments.
The handout, which will also be available on the Congressional Caucus app, also details how this flexibility would benefit farmers, students, green home renovations, and military members who depend on their credit union.
Combatting check fraud and modernizing the Bank Secrecy Act are other year-end credit union priorities leading into Congressional Caucus 2026, ACU added.