WASHINGTON—Legislation that would increase federal credit union loan maturity limits has again been introduced in Congress. The bill would allow federal credit unions to make loans with maturities up to 20 years from the current limit of 15 years.
The bipartisan group of cosponsors includes Reps. Scott Fitzgerald (R-WI), Juan Vargas (D-CA), Young Kim (R-CA), and Brad Sherman (D-CA)—for introducing the legislation.
“We thank Reps. Fitzgerald, Vargas, Kim, and Sherman for introducing legislation that will provide credit unions and their members much needed flexibility in loan terms,” America’s Credit Unions CEO Jim Nussle said in a statement. “Consumers continue to feel the pinch from inflation and other economic uncertainty and rely on their trusted financial institutions for products and services to make ends meet. We support guidance provided to the NCUA to help credit union loan maturities stay competitive and bring credit options to the communities we serve.”
‘Enhanced Lending Opportunity’
Added Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues, in a statement, “We commend bipartisan efforts from representatives Vargas, Kim, and Sherman to support credit unions. As members of the House Financial Services Committee, they are in key positions to be champions of the credit union movement. Their bill creates an opportunity for enhanced lending opportunities among credit unions, and we are grateful for this initiative.”
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