Rep. Jeff Miller (R-Fla.) reintroduced legislation Feb. 27 that would exempt loans made to veterans from the credit union member business lending cap.
“We should be doing as much as possible to help our veterans with their small business needs,” Patrick La Pine, president/CEO of the League of Southeastern Credit Unions, said. “If this legislation is passed into law, it would give military members much needed access to credit. This will help veterans to start a small business or to grow an existing one.”
H.R. 1133 was identical to last year's bill.
“The idea to exempt veterans from counting against a credit union's MBL cap makes a lot of sense,” Miller said. “With so many of our veterans possessing membership with credit unions, exempting them from this lending cap would allow veterans with an entrepreneurial spirit better access to capital.”
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