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US HB507
Bill
Status
Introduced
1/16/2025
Primary Sponsor
Vicente Gonzalez
Click for details
AI Summary
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Amends the Federal Credit Union Act to exclude loans made to veterans from the definition of "member business loan"
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Removes regulatory lending caps that would otherwise apply to credit union business loans when the borrower is a veteran
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Defines "veteran" using the existing definition in title 38, United States Code (section 101)
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Takes effect 6 months after enactment
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Introduced January 16, 2025, with bipartisan support from 22 House cosponsors and referred to the Committee on Financial Services
Legislative Description
Veterans Member Business Loan Act
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
1/16/2025
Committee Referrals
Financial Services1/16/2025
Full Bill Text
No bill text available