WASHINGTON—House Financial Services Committee Member Vicente Gonzalez (D-TX) and House Foreign Affairs Committee Chairman Ed Royce (R-CA), along with Rep. Paul Cook (R-CA) have reintroduced a bill to exclude veterans’ loans from the statutory credit union member business loan cap.
The bill, HR 3866, 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,” said NAFCU CEO Dan Berger. “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.”
Maintaining a healthy regulatory environment that neither stifles innovation nor discourages credit unions from providing consumers and small businesses with access to credit is a key part of NAFCU's regulatory reform agenda, the trade association said.
“This bill supports that by enabling credit unions to provide more consumers and small businesses with access to credit,” NAFCU said.