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
To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan.
Section 1. Short title
This Act may be cited as the Veterans Member Business Loan Act
Sec. 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.