Senate bill would expand credit union lending authority

ICBA-opposed legislation designed to expand credit union lending authority was introduced in the Senate.

Details: The Expanding Access to Lending Options Act of 2021 (S. 762), introduced by Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.), would authorize the National Credit Union Administration to increase the credit union loan maturity cap from 15 to 20 years.

ICBA Position: ICBA opposes further erosion of credit union restrictions justifying the industry's tax exemption and last month renewed its call for Congress to reexamine the credit union tax subsidy.

Grassroots: Meanwhile, community bankers can continue using ICBA's Be Heard grassroots action center to urge Congress to hold a hearing on the credit union tax exemption.