Section 1. Short title
This Act may be cited as the Expanding Access to Lending Options Act.
Section 2. Powers of Federal credit unions
Section 107(5) of the Federal Credit Union Act (12 U.S.C. 1757(5)) is amended—
(1) in the matter preceding subparagraph (A), by inserting or up to a term of 20 years as the Board may allow, in regulations after 15 years; and
(2) in subparagraph (A)(i), by striking or will be the principal residence of a credit union member, and which is.