Three U.S. representatives this week reintroduced a bill in the House to amend the Federal Credit Union Act to exclude veterans’ loans from the credit union member business loan cap.
House Financial Services Committee Member Vicente Gonzalez, D-Texas; House Foreign Affairs Committee Chairman Ed Royce, R-Calif.; and Rep. Paul Cook, R-Calif. introduced H.R. 3866 which covers loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable.
“We've fought for this legislation over the past three years because of the economic opportunity it will bring to veterans by removing barriers that hinder credit unions' ability to meet their needs,” Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions, said in a press release. “We thank Chairman Royce and Representatives Gonzalez and Cook for their leadership on this issue and look forward to working with them to get this bill passed.”
The Credit Union National Association offered no comment but has supported similar legislation in the past.