January 16, 2025
Mr. Sullivan (for himself and Ms. Hirono) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
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 at the end and inserting ; or
; and
(C)
by adding at the end the following:
(vi)
made to a veteran;;
(2)
in paragraph (2)(B)(ii), by striking and
at the end;
(3)
in paragraph (3), by striking the period at the end and inserting ; and
; and
(4)
by adding at the end the following:
(4)
the term veteran has the meaning given the term in section 101 of title 38, United States Code.
(b) Effective date
The amendments made by subsection (a) shall take effect on the date that is 180 days after the date of enactment of this Act.