Nevada Senator pushes credit union flexibility

U.S. Senator Catherine Cortez Masto of Nevada is pushing new bipartisan legislation to give federally chartered credit unions more flexibility in how long they can extend many types of loans, potentially making borrowing cheaper and more accessible for consumers and small businesses.​

What the bill does

• The Expanding Access to Lending Options Act would raise the maximum loan maturity for most federal credit union loans from 15 years to up to 20 years.​

• It would remove the rule that only primary-residence mortgages can exceed 15 years, and instead let longer terms apply to a wider range of loans.​

• The bill also gives the National Credit Union Administration (NCUA) board authority to set even longer maturity limits for certain loan types where appropriate.​

Why Nevada’s senator is involved

• Senator Catherine Cortez Masto (D-Nev.) is the lead sponsor, joined by Senator Kevin Cramer (R-N.D.), making this a bipartisan effort.​

• Cortez Masto argues that Nevada credit unions, especially in rural and underserved areas, need modernized rules so they can better help residents finance small businesses, education, motor homes, and other major purchases.​

• Nevada has two federally chartered credit unions—Great Basin Federal Credit Union and Elko Federal Credit Union—that would directly benefit from added flexibility.​

Impact on borrowers and communities

• Longer terms can reduce monthly payments, which may help people qualify for loans or better manage cash flow for things like multi-family housing, small business loans, and other non-primary residence financing.​

• Credit union leaders say this change would help them offer more competitive rates and terms, noting that some borrowers currently leave for other lenders once they learn about the 15‑year cap.​

• Nevada credit union advocates frame the bill as “targeted and meaningful regulatory relief” that lets them invest more in local communities and support financial wellbeing for their roughly 750,000 members statewide.​