Waukesha Times

WASHINGTON, DC – A bipartisan group of lawmakers, including Congressman Scott Fitzgerald, Congressman Brad Sherman, Congressman Juan Vargas, and Congresswoman Young Kim, have introduced a bill aimed at expanding credit options for Americans. The bill, known as the Expanding Access to Lending Options Act, would provide credit unions with the flexibility to offer longer loan terms and lower monthly payments, thereby increasing competition in lending products such as small business, student, and agricultural loans.

Representative Fitzgerald, hailing from Wisconsin, emphasized the importance of credit unions in improving the financial well-being of households and communities. He stated, "In an effort to build upon the great work credit unions are doing in Wisconsin and across the country, I was proud to help introduce legislation that would allow these institutions to increase the cap on the maturity of loans to offer greater flexibility to credit union members. This bill is a win for the credit unions and the Americans and communities that benefit from these loans every day."

Congressman Sherman echoed Fitzgerald's sentiments, highlighting the strong position of credit unions in the financial system. He noted, "While our financial system experienced some stress last year, credit unions remain strong – yet they still face outdated restrictions on their lending activities under U.S. law. I am pleased to join with my colleagues across party lines in the introduction of this commonsense legislation to give credit unions more flexibility in their small business and consumer lending, allowing them to better meet the economic needs of their members and communities."

Representative Vargas, who co-introduced the bill, emphasized the role of credit unions in helping individuals become homeowners. He said, "I’m proud to introduce this legislation with Rep. Fitzgerald that will help all individuals in the 52nd Congressional District and across the country own a home. Credit unions play a crucial role in offering my constituents affordable financial choices for acquiring a home, investing in their child's education, and allowing accessible lending options that will help build generational wealth."

Congresswoman Young Kim from California highlighted the importance of credit unions in addressing the rising living costs faced by Californians. She stated, "The Expanding Access to Lending Options Act allows credit unions to offer more loan options and strengthen access to credit and affordability for families, small businesses, and students. I’m proud to join Rep. Fitzgerald to introduce this commonsense, bipartisan bill and will keep fighting to protect the American dream for future generations."

The bill has received support from America's Credit Unions, with their President/CEO Jim Nussle expressing gratitude to the lawmakers for introducing legislation that provides credit unions and their members with much-needed flexibility in loan terms. Nussle said, "We support guidance provided to the NCUA to help credit union loan maturities stay competitive and bring credit options to the communities we serve."

The Expanding Access to Lending Options Act aims to address outdated restrictions on credit unions and provide Americans with greater access to credit options. By allowing credit unions to offer longer loan terms and lower monthly payments, the bill seeks to enhance competition in lending products and contribute to the financial well-being of individuals and communities across the country.

For more information, the full bill text can be found here.