WASHINGTON, Jan. 13 -- Sen. Catherine Cortez Masto issued the following press release:
Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Kevin Cramer (R-N.D.) introduced bipartisan legislation to allow credit unions more flexibility when lending for non-primary residence, business, and commercial loans. The Expanding Access to Lending Options Act would permit federally chartered credit unions to permit loan maturity periods for up to 20 years.
Currently, federally charted credit unions are not permitted to issue loans for a period longer than 15 years, except for primary residences. Banks and most state-chartered credit unions, however, are not subjected to the same limitation, reducing options for consumers and putting an unfair b...