Section 1 Short title
This Act may be cited as the “Expanding Access to Lending Options Act”.
Expanding Access to Lending Options Act
A BILL
To provide the National Credit Union Administration Board flexibility to increase Federal credit union loan maturities, and for other purposes.
Sec. 2 Sense of Congress
It is the sense of Congress that as the prudential regulator of the federally chartered credit unions of the United States, it is of paramount importance that the NCUA place safety and soundness as a cornerstone of its oversight of these credit unions.
Sec. 3 Powers of Federal credit unions
Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5)) is amended—
in the matter preceding subparagraph (A), by striking “15 years” and inserting “20 years (or longer, as the Board may allow by regulation)”; and
in subparagraph (A)(i), by striking “or will be the principal residence of a credit union member, and which is”.