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HR 507
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Veterans Member Business Loan Act

To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan.

Introduced Jan 16, 2025

Latest action (Jan 16, 2025) Referred to the House Committee on Financial Services.

Referred to
Financial Services Committee
Policy area
Finance and Financial Sector
Issues
Defense

Summary

This bill amends the Federal Credit Union Act to exclude loans made to veterans from the regulatory definition of "member business loans." By excluding veteran loans from this category, credit unions would not need to apply the same regulatory restrictions and capital requirements that typically apply to member business loans. The bill defines "veteran" using the same definition from federal law (title 38 of the United States Code). The changes take effect six months after the bill becomes law.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Sponsor (1)
70 cosponsors

Money behind the sponsor

Top reported contributors to Vicente Gonzalez’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.

  • NULL $61,275
  • APOLLO GLOBAL MANAGEMENT $12,800
  • SELECT DEDICATED SOLUTIONS $9,900
  • AMSCOT FINANCIAL $9,100
  • GARCIA HAMILTON AND ASSOCIATES $7,600

Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Vicente Gonzalez → · Outside spending →

Actions (2)
  1. Jan 16, 2025 Referred to the House Committee on Financial Services. · house
  2. Jan 16, 2025 Introduced in House

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

  • S 110 — Veterans Member Business Loan Act · Introduced Jan 16, 2025 · Cong. 119 94%
  • HR 7534 — Contract Our Veterans Act of 2026 · Introduced Feb 12, 2026 · Cong. 119 66%
  • HR 3263 — Veterans' Small Business Relief Act of 2001 · Introduced May 21, 2002 · Cong. 107 65%
  • HR 7795 — VA SUBCON Act · Introduced Mar 4, 2026 · Cong. 119 64%
  • HR 1791 — Increasing Credit Union Lending for Business Growth Act · Introduced Mar 3, 2025 · Cong. 119 64%
  • HR 1803 — Fair Access to Co-ops for Veterans Act of 2025 · Introduced Feb 24, 2026 · Cong. 119 64%

Text versions (1)
  • Introduced in House · Jan 16, 2025

Only one text version is on file, so there’s no earlier version to compare against yet.

Full text

IN THE HOUSE OF REPRESENTATIVES

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

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.

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 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. <all>

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