Bill > S110

This bill amends the Federal Credit Union Act to modify the definition of a member business loan by specifically excluding loans made to veterans. Currently, credit unions have restrictions on the total amount of business loans they can provide to members. By adding a new clause to the existing law, this bill would exempt loans made to veterans from being counted toward those business loan limits. The bill defines "veteran" using the standard definition found in title 38 of the United States Code, which typically refers to individuals who have served in the active military, naval, or air service and were discharged or released under conditions other than dishonorable. The changes would take effect 180 days after the bill's enactment, giving credit unions time to adjust their lending practices. The primary purpose of this legislation appears to be to make it easier for veterans to access business loans from credit unions by removing a potential regulatory barrier.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/110/all-info