Removing Barriers Blog

CUNA Writes to Bill Sponsors in Support of Veterans Member Business Lending Legislation
Posted April 11, 2019 by CUNA Advocacy

CUNA wrote to Representatives Vicente Gonzalez (D-TX), Tulsi Gabbard (D-HI), Paul Cook (R-CA) and Don Young (R-AK) in support of their bipartisan bill that would exempt loans made to veterans from counting against a credit union’s member business lending cap.

This bipartisan legislation will make it easier for America’s veterans to access capital and invest in themselves and their communities. Credit unions proudly serve tens of millions of active duty and veteran members and fully support veteran entrepreneurs and their families.

Credit union member business lending is limited by statute to 12.25% of a credit union’s assets, or 1.75 times the credit union’s net worth, whichever is lesser.

Under the legislation, extensions of credit made to veterans who served on active duty and were discharged or released under conditions other than dishonorable would be excluded from the definition of a member business loan. 

On behalf of America’s credit unions, CUNA thanks the sponsors for their leadership and will continue to engage with lawmakers as this bill moves through the legislative process.