Veterans Member Business Loan Act

Bill: 119-hr-507
Sponsor: full_name: Rep. Gonzalez, Vicente [D-TX-34]
Introduced: 2025-01-16
Policy area: Finance and Financial Sector
Latest action: action_date: 2025-01-16
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2025-01-16
action_desc: Introduced in House
text: <p><strong>Veterans Member Business Loan Act</strong></p><p>This bill excludes from credit union aggregate loan limitations member business loans made to veterans.&nbsp;</p>

tv_txt: I 119th CONGRESS 1st Session H. R. 507 IN THE HOUSE OF REPRESENTATIVES January 16, 2025 Mr. Vicente Gonzalez of Texas (for himself, Mr. Fitzpatrick , Mr. Costa , Ms. Tokuda , Mr. Ciscomani , Ms. Brownley , Mr. Golden of Maine , Mrs. Cherfilus-McCormick , Mr. Connolly , Mr. Biggs of Arizona , Mr. Valadao , Mr. Cuellar , Ms. Titus , Ms. Bonamici , Mr. Lynch , Mr. Carson , Mr. Rogers of Kentucky , Mr. Cole , Mr. Gottheimer , Mr. Ryan , Mr. Rutherford , and Mr. Crane ) 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. Short title This Act may be cited as the Veterans Member Business Loan Act 2. 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.