H.R. 507

119th CONGRESS 1st Session

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 HOUSE OF REPRESENTATIVES · January 16, 2025 · Sponsor: Mr. Vicente Gonzalez of Texas · Committee: Committee on Financial Services

Table of contents

• H.R. 507
  • SEC. 1. Short title
  • SEC. 2. Member business loan definition

SEC. 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 () is amended— 12 U.S.C. 1757a(c)
    • in paragraph (1)(B)—
      • in clause (iv), by striking or at the end;
      • in clause (v), by striking the period and inserting ; and
        • (vi) made to a veteran;
      • by adding at the end the following:
    • in paragraph (2), by striking and at the end;
    • in paragraph (3), by striking the period and inserting ; and; and
      • the term veteran has the meaning given such term under section 101 of title 38, United States Code.
    • by adding at the end the following:
• (b) Effective date
  • The amendments made by subsection (a) shall take effect after the end of the 6-month period beginning on the date of the enactment of this Act.