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NAFCU to CUs: Contact lawmakers on loan maturity limits bill
As the House and Senate are in their home districts and states this week, NAFCU's Chad Adams is encouraging credit unions to contact their lawmakers and urge them to support legislation that would give the NCUA greater flexibility in setting loan maturity limits under the Federal Credit Union Act.
House Financial Services Committee members Lee Zeldin, R-N.Y., and Vicente Gonzalez, D-Texas, earlier this month introduced the NAFCU-sought legislation, H.R. 1661.
"The current 15-year limit is outdated and restrictive compared to maturity lengths that are available from mortgage brokers or banks," wrote Adams, NAFCU's director of political affairs, in an email to members Tuesday. "While the Federal Credit Union Act has exceptions for primary residences, it does not allow flexibility for other types of loans and the NCUA's ability to address this through regulation is limited."
Adams directs credit unions to NAFCU's Grassroots Action Center to find their lawmakers' contact information. He also encourages credit unions to participate in town hall meetings or roundtable discussions.
"Participating in these events is a great opportunity for you and your credit union members to discuss key legislative issues," said Adams.
More of the issues NAFCU is currently engaged on can be found here. The association will update members on its advocacy efforts during its upcoming Q1 Member Call-In (register here), and early-bird savings for its Congressional Caucus are still available (register here).
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