Credit unions have thrown support behind bipartisan legislation that would exempt loans made to veterans from counting against credit union’s member business lending (MBL) cap.
The Veterans Member Business Loan Act would exclude extensions of credit made to veterans from the definition of a member business loan. The legislation was introduced by Reps. Vicente Gonzalez (D-Texas), Tulsi Gabbard (D-Hawaii), Paul Cook (R-Calif.) and Don Young (R-Ark.).
Learn more information about the newly proposed legislation.