Bipartisan Bill to Exempt Veteran Loans from MBL Cap Introduced in Senate

Sens. Dan Sullivan (R-AK) and Mazie Hirono (D-HI) introduced a bill Tuesday to exempt loans made to veteran-owned businesses from a credit union’s member business lending cap, the Veterans Member Business Loan Act (S. 2834). 

“A recognition of the credit union difference, this bipartisan bill will make it easier for America’s veterans to access credit and invest in their future and their communities,” said CUNA President/CEO Jim Nussle. “We thank Senators Sullivan and Hirono for their leadership on this issue and look forward to engaging with lawmakers to advance this legislation and aid credit unions in their efforts to uplift the financial prosperity of veterans who have given so much in the service of our country.”

Leadership at the Hawaii and Alaska credit union leagues also expressed support for the bill.

A House version (H.R. 2305) was introduced in April by Reps. Vicente Gonzalez (D-TX), Tulsi Gabbard (D-HI), Paul Cook (R-CA) and Don Young (R-AK).