Rep. Jeff Miller (R-Fla.), the chairman of the House Veterans Affairs Committee, introduced legislation last week to exempt loans made to veterans from the credit union member business loan (MBL) cap.
Under the legislation—H.R. 5061—the word “veteran” would include those who served on active duty or individuals who were discharged or released other conditions other than dishonorable.
The current cap is set at 12.25 percent of assets. The National Association of Federal Credit Unions, however, has urged lawmakers to increase the cap to 27.5 percent and to exempt loans made to non-profit religious groups, businesses with fewer than 20 employees and companies in “underserved” areas.
“We thank Chairman Miller for ensuring that veterans have access to all the resources possible to succeed after their service,” Berger said. “Credit unions have always been a great resource for veterans, and this legislation will remove barriers to credit unions helping veterans succeed. We strongly urge other members of Congress to support this new bill.”