I
119THCONGRESS
1
STSESSION 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
JANUARY16, 2025
Mr. V
ICENTEGONZALEZof Texas (for himself, Mr. FITZPATRICK, Mr. COSTA,
Ms. T
OKUDA, Mr. CISCOMANI, Ms. BROWNLEY, Mr. GOLDENof Maine,
Mrs. C
HERFILUS-MCCORMICK, Mr. CONNOLLY, Mr. BIGGSof Arizona,
Mr. V
ALADAO, Mr. CUELLAR, Ms. TITUS, Ms. BONAMICI, Mr. LYNCH,
Mr. C
ARSON, Mr. ROGERSof Kentucky, Mr. COLE, Mr. GOTTHEIMER,
Mr. R
YAN, 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 exten-
sions of credit made to veterans from the definition
of a member business loan.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Veterans Member 4
Business Loan Act’’ 5
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•HR 507 IH
SEC. 2. MEMBER BUSINESS LOAN DEFINITION. 1
(a) I
NGENERAL.—Section 107A(c) of the Federal 2
Credit Union Act (12 U.S.C. 1757a(c)) is amended— 3
(1) in paragraph (1)(B)— 4
(A) in clause (iv), by striking ‘‘or’’ at the 5
end; 6
(B) in clause (v), by striking the period 7
and inserting ‘‘; or’’; and 8
(C) by adding at the end the following: 9
‘‘(vi) made to a veteran;’’; 10
(2) in paragraph (2), by striking ‘‘and’’ at the 11
end; 12
(3) in paragraph (3), by striking the period and 13
inserting ‘‘; and’’; and 14
(4) by adding at the end the following: 15
‘‘(4) the term ‘veteran’ has the meaning given 16
such term under section 101 of title 38, United 17
States Code.’’. 18
(b) E
FFECTIVEDATE.—The amendments made by 19
subsection (a) shall take effect after the end of the 6- 20
month period beginning on the date of the enactment of 21
this Act. 22
Æ
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