Rep. Jeff Miller (R-Fla.), chairman of the House Veterans Affairs Committee, introduced legislation Friday that would amend the Federal Credit Union Act to exclude veterans' loans from the member business lending cap.
H.R. 5061 would apply to any borrower who was on active duty in the armed forces and was discharged or released under conditions other than dishonorable.
“The idea to exempt veterans from counting against a credit union's MBL cap makes a lot of sense,” Miller told the League of Southeastern Credit Unions. “This bill would make the decision to offer veterans access the capital much easier because it will no longer count against their business lending cap. It will provide opportunities for many more veterans.”
“We thank Chairman Miller for ensuring that veterans have access to all the resources possible to succeed after their service,” NAFCU President/CEO Dan Berger said. “Credit unions have always been a great resource for veterans, and this legislation will remove barriers to credit unions helping veterans succeed. We strongly urge other members of Congress to support this new bill.”
Both CUNA and NAFCU support increasing the existing MBL cap from 12.25% of assets to 27.5%.
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