To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan.

Bill: 113-hr-5061
Sponsor: full_name: Rep. Miller, Jeff [R-FL-1]
Introduced: 2014-07-10
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Credit and credit markets

Veterans' loans, housing, homeless programs
Latest action: action_date: 2014-07-10
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-07-10
action_desc: Introduced in House
text: <p>Amends the Federal Credit Union Act to exclude loans made to veterans from the definition of a &quot;member business loan,&quot; thus excluding them from the limit on the total amount of member business loans a credit union may have outstanding.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5061 IN THE HOUSE OF REPRESENTATIVES July 10, 2014 Mr. Miller of Florida introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan.

1. Member business loan definition (a) In general Section 107A(c) of the Federal Credit Union Act ( 12 U.S.C. 1757a(c) ) is amended— (1) in paragraph (1)(B)— (A) in clause (iv), by striking or at the end; (B) in clause (v), by striking the period and inserting ; or ; and (C) by adding at the end the following: (vi) made to a veteran; ; (2) in paragraph (2), by striking and at the end; (3) in paragraph (3), by striking the period and inserting ; and ; and (4) by adding at the end the following: (4) the term veteran has the meaning given such term under section 101 of title 38, United States Code. . (b) Effective date The amendments made by subsection (a) shall take effect after the end of the 6-month period beginning on the date of the enactment of this Act.