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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.
Summary
This bill amends the Federal Credit Union Act to exempt loans made to veterans from the regulatory definition of "member business loans." Member business loans are subject to various federal restrictions and regulatory requirements, including limits on how much capital credit unions can allocate to such loans. By excluding loans to veterans, credit unions would be able to make veteran loans with greater flexibility and fewer regulatory constraints. The bill uses the federal definition of "veteran" from title 38 of the U.S. Code. The changes take effect 180 days after enactment.
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)
- Sen. Sullivan, Dan [R-AK] (R-AK)
4 cosponsors
Money behind the sponsor
Top reported contributors to Dan Sullivan’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Dan Sullivan → · Outside spending →
Actions (2)
- Jan 16, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jan 16, 2025 Introduced in Senate
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.
Full text
IN THE SENATE OF THE UNITED STATES
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
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 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. <all>
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