H.R. 507 · Where this bill is now
In committee
Introduced in the House, sent to the Committee on Financial Services, Jan 16, 2025
What this bill does
In plain words · AI-written from the official summaryExcludes veteran business loans from credit union limits
Credit unions are required to limit how much they lend in total to businesses. This bill creates an exception: loans that credit unions make to veterans for their businesses won't count toward those overall lending limits. The goal is to make it easier for credit unions to lend money to veterans starting or running businesses.
How it affects you
If you're a veteran looking to borrow money from a credit union to start or grow a business, this change could make it simpler to get a loan, since those veteran business loans won't compete with other business loans for the credit union's lending capacity.
Read the official summary (Introduced in House, Jan 16, 2025)
Veterans Member Business Loan Act
This bill excludes from credit union aggregate loan limitations member business loans made to veterans.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 507
A BILL
Veterans Member Business Loan Act
Sponsor: Rep. Vicente Gonzalez (D-TX-34) · Introduced Jan 16, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Jan 16, 2025: “Referred to the House Committee on Financial Services.”