This bill would change the Federal Credit Union Act to say that an extension of credit made to a veteran is not a "member business loan." It adds a specific clause to section 107A(c) and defines "veteran" by referring to section 101 of title 38, United States Code. The change would take effect after the 6-month period that begins on the date the bill becomes law.
If you are a veteran and receive a loan or other extension of credit from a federal credit union, that loan would not be counted as a "member business loan" under the Federal Credit Union Act once the change takes effect. The bill sets the veteran definition to match the definition in 38 U.S.C. 101.
No publicly available information.
No publicly available information in the bill text about proponents' stated reasons. The bill metadata lists Vicente Gonzalez as the introducer and many cosponsors from the House of Representatives.
No publicly available information.