Expanding Access to Lending Options Act
This bill allows the National Credit Union Administration Board to increase the federal credit union loan maturity cap from 15 to 20 years. It also removes as a requirement for a mortgage from a credit union that a property must be a credit union member's principal residence.
To provide the National Credit Union Administration Board flexibility 
    to increase Federal credit union loan maturities, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Expanding Access to Lending Options 
Act''.

SEC. 2. POWERS OF FEDERAL CREDIT UNIONS.

    Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5)) 
is amended--
            (1) in the matter preceding subparagraph (A), by inserting 
        ``or up to a term of 20 years as the Board may allow, in 
        regulations'' after ``15 years''; and
            (2) in subparagraph (A)(i), by striking ``or will be the 
        principal residence of a credit union member, and which is''.
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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.
Expanding Access to Lending Options Act
Sen. Scott, Tim