Wisconsin's Credit Unions® thank Congressman Scott Fitzgerald for his leadership in introducing a bipartisan bill to increase the loan maturity cap. As not-for-profit cooperatives, credit unions are mission-driven and structured to put members' interests first, and the Expanding Access to Lending Options Act enhances their ability to support members' financial well-being.
In 2023 alone, Wisconsin's credit unions reported $52.5 billion in loans for their 3.8 million members, with 27,585 loans made to members with a low (600) or no credit score. The Expanding Access to Lending Options act will allow greater flexibility in loan length and potentially lower monthly rates so credit unions can offer financing that better meets members' needs.
“For 100 years, Wisconsin’s cooperative not-for-profit financial institutions have constantly evolved to meet the needs of their members and communities, whether they face a plant closing, a pandemic, inflation, or new jobs, big moves, and seizing second chances. Regulations must also evolve to allow credit unions to continue this critical work,” said Brett Thompson, President & CEO of The Wisconsin Credit Union League. “We are thankful for the congressman's foresight and trust in increasing loan maturity limits as a way to remove the red tape and allow credit unions to do what they do best—work toward financial well-being for all.”
You can view the Congressman's speech on the floor here