Removing Barriers Blog

Senators introduce Veteran's MBL legislation
Posted November 13, 2019 by CUNA Advocacy

The day after Veteran's Day, Senators Dan Sullivan and Mazie Hirono introduced S. 2843, the Veteran's Member Business Loan Act.  This legislation would exempt loans to veteran-owned businesses from the member business lending cap.  Specifically, the bill would amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the MBL definition. Credit unions are restricted in business lending by current law to 12.25% of their total assets.

In a letter of support for S. 2843, CUNA wrote “This thoughtful legislation will provide credit unions the opportunity to provide more help to veterans and their small business needs. The bill will make the decision for credit unions to offer veterans access to capital much easier and provide more veterans opportunity.”

A House version of the bill was introduced in April by Representatives Vicente Gonzalez, Tulsi Gabbard, Paul Cook and Don Young.