WASHINGTON—Members of the House of Representatives are being urged to support legislation that would exclude veterans' loans from the statutory credit union member business loan cap.
As CUToday.info reported here, the legislation was re-introduced earlier this month by House Financial Services Committee Members Vicente Gonzalez (D-TX) and Tulsi Gabbard (D-HI), and Reps. Paul Cook (R-CA) and Don Young (R-AK).
The bill covers loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable.
Brad Thaler, NAFCU's vice president of legislative affairs, in a letter to House Speaker Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA), noted the important role credit unions play in supporting veterans' small business and entrepreneurial endeavors. He said H.R. 2305 "would improve veterans' access to necessary capital by removing statutory barriers that hinder credit unions' ability to meet the financial needs of our nation's veterans."
‘Further Resources’
"As a result of the close relationships credit unions maintain with their members, credit unions are often willing to assist members when other lenders refuse," Thaler wrote. "By lowering the artificial barriers to lending to veterans by our nation's credit unions, our members will be able and willing to greater assist veteran small business and entrepreneurial undertakings.
"This will allow veterans further resources for success in the private sector after separating from the military," he added.