summary
Introduced
01/16/2025
01/16/2025
In Committee
01/16/2025
01/16/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
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.
AI Summary
This bill amends the Federal Credit Union Act to modify the definition of a "member business loan" by explicitly excluding loans made to veterans from being classified as such. Specifically, the bill adds a new provision to the existing law that defines loans to veterans as a separate category, not considered a member business loan. The bill adopts the standard definition of "veteran" from Title 38 of the United States Code, which typically refers to individuals who have served in the U.S. military and been discharged under conditions other than dishonorable. By making this change, the bill effectively expands credit unions' ability to provide loans to veterans without those loans counting against existing member business loan limits or restrictions. The amendments will take effect six months after the date of enactment, giving credit unions time to adjust their lending practices to comply with the new law.
Committee Categories
Business and Industry
Sponsors (35)
Vicente Gonzalez (D)*,
Nicholas Begich (R),
Andy Biggs (R),
Suzanne Bonamici (D),
Julia Brownley (D),
André Carson (D),
Sheila Cherfilus-McCormick (D),
Juan Ciscomani (R),
Gil Cisneros (D),
Tom Cole (R),
Herbert Conaway (D),
Gerry Connolly (D),
Jim Costa (D),
Eli Crane (R),
Henry Cuellar (D),
Gabe Evans (R),
Cleo Fields (D),
Brian Fitzpatrick (R),
Jared Golden (D),
Josh Gottheimer (D),
Steven Horsford (D),
Stephen Lynch (D),
Nicole Malliotakis (R),
Jim McGovern (D),
Cory Mills (R),
Joe Neguse (D),
Burgess Owens (R),
Hal Rogers (R),
John Rutherford (R),
Pat Ryan (D),
Mike Simpson (R),
Shri Thanedar (D),
Dina Titus (D),
Jill Tokuda (D),
David Valadao (R),
Last Action
Referred to the House Committee on Financial Services. (on 01/16/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/507/all-info |
| BillText | https://www.congress.gov/119/bills/hr507/BILLS-119hr507ih.pdf |
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