Introduced in House

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 507 Introduced in House (IH)] 119th CONGRESS 1st Session H. R. 507 To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 16, 2025 Mr. Vicente Gonzalez of Texas (for himself, Mr. Fitzpatrick, Mr. Costa, Ms. Tokuda, Mr. Ciscomani, Ms. Brownley, Mr. Golden of Maine, Mrs. Cherfilus-McCormick, Mr. Connolly, Mr. Biggs of Arizona, Mr. Valadao, Mr. Cuellar, Ms. Titus, Ms. Bonamici, Mr. Lynch, Mr. Carson, Mr. Rogers of Kentucky, Mr. Cole, Mr. Gottheimer, Mr. Ryan, Mr. Rutherford, and Mr. Crane) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

SECTION 1. SHORT TITLE. This Act may be cited as the ``Veterans Member Business Loan Act''

SEC. 2. MEMBER BUSINESS LOAN DEFINITION.

SEC. 2. MEMBER BUSINESS LOAN DEFINITION. (a) In General.--Section 107A(c) of the Federal Credit Union Act (12 U.S.C. 1757a(c)) is amended-- (1) in paragraph (1)(B)-- (A) in clause (iv), by striking ``or'' at the end; (B) in clause (v), by striking the period and inserting ``; or''; and (C) by adding at the end the following: ``(vi) made to a veteran;''; (2) in paragraph (2), by striking ``and'' at the end; (3) in paragraph (3), by striking the period and inserting ``; and''; and (4) by adding at the end the following: ``(4) the term `veteran' has the meaning given such term under section 101 of title 38, United States Code.''. (b) Effective Date.--The amendments made by subsection (a) shall take effect after the end of the 6-month period beginning on the date of the enactment of this Act.