Bill · H.R. 507· House(119-HR-507)

Veterans Member Business Loan Act

Age: 59 years

Texas

Introduced: 1/16/2025
Last activity: 1/16/2025 — Referred to the House Committee on Financial Services.
Sponsored by: Vicente Gonzalez
Cosponsors: - 45 - 26

Finance and Financial Sector

Introduced
In Committee

What this bill would do

This bill, known as the "Veterans Member Business Loan Act," proposes an amendment to the Federal Credit Union Act. The primary purpose is to exclude credit extensions made to veterans from the current definition of a member business loan. By making this change, loans provided to veterans would no longer be classified as such under the existing rules. The amendments regarding the definition of a veteran would rely on the meaning found under section 101 of title 38, United States Code. These changes are scheduled to take effect six months after the Act is enacted.

Yes· 3 of 6

Would veterans be better off under this, taking everything together?+4
The bill specifically benefits veterans by excluding their credit extensions from the restrictive definition of a member business loan.
Does this make it easier to run a small business?+3
By reclassifying loans to veterans, this bill may allow credit unions more flexibility in providing credit to veteran-owned small businesses.
Does this increase the pay, pensions or support veterans receive?+3
The bill enhances financial access for veterans by changing how their loans are classified under the Federal Credit Union Act.