A bill introduced in the United States House of Representatives on April 10 would exclude credit union business loans to veterans from the aggregate member business loan (MBL) cap.
The bill, Veterans Member Business Loan Act, would amend the Federal Credit Union Act to exclude extensions of credit made to veterans for business purposes from the definition of a member business loan.
The bill would cover loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable.
The statutory aggregate MBL cap is 12.25 percent of assets.
The sponsors of the bill are Representatives Vicente Gonzalez (D-TX), Don Young (R-AK), Paul Cook (R-CA), and Tulsi Gabbard (D-HI).
This bill was introduced in the last Congress.
Read the press release.
Read the bill.
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