January 10, 2024

Rep. Vargas Leads Bipartisan Coalition to Expand Affordable Lending Options

WASHINGTON, D.C. (January 10th, 2024) – Today, Congressman Juan Vargas (CA-52), Congressman Scott Fitzgerald (WI-05), Congressman Brad Sherman (CA-32), and Congresswoman Young Kim (CA-39) co-introduced the Expanding Access to Lending Options Act. This bill would expand credit options for Americans by giving credit unions the flexibility to offer longer loan terms and lower monthly payments, thus creating greater competition for lending products including small business, student, and agricultural loans.

“I’m proud to introduce this legislation with Rep. Fitzgerald (WI-05) that will help all individuals in the 52nd Congressional District and across the country own a home,” said Rep. Vargas. “Credit unions play a crucial role in offering my constituents affordable financial choices for acquiring a home, investing in their child's education, and allowing accessible lending options that will help build generational wealth.”

“Wisconsin is proudly home to 111 credit unions and 3.8 million credit union members. These credit unions are instrumental in improving the financial well-being of our great state’s households and communities” said Rep. Fitzgerald. “In an effort to build upon the great work credit unions are doing in Wisconsin and across the country, I was proud to help introduce legislation that would allow these institutions to increase the cap on the maturity of a loans to offer greater flexibility to credit union members. This bill is a win for the credit unions and the Americans and communities that benefit from these loans every day.”

“While our financial system experienced some stress last year, credit unions remain strong – yet they still face outdated restrictions on their lending activities under U.S. law,” Rep. Sherman said. “I am pleased to join with my colleagues across party lines in the introduction of this commonsense legislation to give credit unions more flexibility in their small business and consumer lending, allowing them to better meet the economic needs of their members and communities.”

“California is home to 263 credit unions that are more important than ever to help Californians make ends meet as they face persistent inflation and rising living costs,” said Rep. Young Kim. “The Expanding Access to Lending Options Act allows credit unions to offer more loan options and strengthen access to credit and affordability for families, small businesses, and students.  I’m proud to join Rep. Fitzgerald to introduce this commonsense, bipartisan bill and will keep fighting to protect the American dream for future generations.” 

“We thank Reps. Fitzgerald, Vargas, Kim, and Sherman for introducing legislation that will provide credit unions and their members much needed flexibility in loan terms," said America's Credit Unions President/CEO Jim Nussle. "Consumers continue to feel the pinch from inflation and other economic uncertainty, and rely on their trusted financial institutions for products and services to make ends meet. We support guidance provided to the NCUA to help credit union loan maturities stay competitive and bring credit options to the communities we serve."

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