United StatesCredit union business loan rules would specifically mention veteran loans
The proposal would add a clause for loans made to veterans within federal credit union law’s business loan definition, using a federal definition of veteran.
What it does
Federal credit union law’s business loan definition would specifically mention loans made to veterans. This wording would apply after a six-month wait following enactment.
Argument forAn explicit reference to veteran loans could help credit unions identify these borrowers when applying business loan rules.
Argument againstCredit unions might need to check whether borrowers meet the referenced federal definition of veteran before applying the clause.
More detail
The proposal would add a clause about loans made to veterans within the law’s business loan definition. The clause concerns loans made to veterans under the Federal Credit Union Act. Borrowers would need to meet the definition of veteran referenced in section 101 of title 38 of federal law. The amendment would take effect after the end of the six-month period beginning on the date the bill becomes law.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jan 16Introduced in HouseLatest
- Jan 16Referred to the House Committee on Financial Services.Introduced
Veterans