Bill Details
S.110 - 119th Congress
Status
Latest action
2025-01-16 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced Date
2025-01-16
Policy Area
Finance and Financial Sector
Committees
View committees (1)
Sponsors
Cosponsors
7
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would change the rules for federal credit unions so that loans made to veterans would not count as “member business loans.” In simple terms, that means credit unions would not have to treat certain loans to veterans as business loans under this law. The bill also says the change would take effect 180 days after it is signed into law.
- It adds a new rule saying that a loan made to a veteran is not included in the definition of a member business loan.
- It uses the meaning of “veteran” found in federal law under title 38 of the U.S. Code.
- The change would apply 180 days after the bill becomes law.
Official Summaries
Veterans Member Business Loan Act
This bill excludes from credit union aggregate loan limitations member business loans made to veterans.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 110 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 110
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 SENATE OF THE UNITED STATES
January 16, 2025
Mr. Sullivan (for himself and Ms. Hirono) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
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.
This Act may be cited as the ``Veterans Member Business Loan Act''.
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 at the
end and inserting ``; or''; and
(C) by adding at the end the following:
``(vi) made to a veteran;'';
(2) in paragraph (2)(B)(ii), by striking ``and'' at the
end;
(3) in paragraph (3), by striking the period at the end and
inserting ``; and''; and
(4) by adding at the end the following:
``(4) the term `veteran' has the meaning given the term in
section 101 of title 38, United States Code.''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect on the date that is 180 days after the date of enactment of
this Act.
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