S. 3616 — Expanding Access to Lending Options Act

This section modifies federal credit union loan authorities under the Federal Credit Union Act by (1) increasing the maximum maturity for general loans to 15 years or up to 20 years as authorized by the National Credit Union Administration (NCUA) Board in regulations (from 15 years), and (2) eliminating the requirement that first-lien residential real estate loans on a one-to-four-family dwelling (with maturities up to 30 years or as set by the NCUA Board) be, or will be, the principal residence of the member. (Thus, such loans may now finance investment properties or other non-owner-occupied dwellings.)