Lawmakers Recruiting Cosponsors for Loan Maturity Limits Bill

House Financial Services Committee members Lee Zeldin (R-NY) and Vicente Gonzalez (D-TX) are reaching out to their fellow House members urging their support of legislation (H.R. 1661) that would give the NCUA greater flexibility in setting loan maturity limits under the Federal Credit Union Act.

In a letter to House members, Zeldin and Gonzalez note that their legislation "does not extend any maturity limits on its own. It simply gives the NCUA board the ability to take this step to help consumers if it deems it necessary."

They ask their colleagues to cosponsor H.R. 1661 as it "would give credit unions both more flexibility in the type of loans they may offer, as well as provide consumers with more options and better payment plans."

The NCUA in March finalized a rule to reform loans and lines of credit to credit union members and indicated it will continue to review comments on other maturity limit issues.