July 10, 2014

MBL bill for vets lauded by NAFCU

July 11, 2014 – A bill that would exclude veterans' loans from the statutory credit union member business loan cap was introduced Thursday as H.R. 5061 by Rep. Jeff Miller, R-Fla., chairman of the House Veterans Affairs Committee.

NAFCU President and CEO Dan Berger thanked Miller for his leadership in offering the measure.

"We thank Chairman Miller for ensuring that veterans have access to all the resources possible to succeed after their service," said Berger. "Credit unions have always been a great resource for veterans, and this legislation will remove barriers to credit unions helping veterans succeed. Westrongly urge other members of Congress to support this new bill."

Under H.R. 5061, "veteran" would include anyone who served on active duty, and who was discharged or released under conditions other than dishonorable. If enacted, his MBL measure would advance a key element of NAFCU's five-point plan for credit union regulatory relief.

NAFCU is urging an increase in credit unions' MBL cap from 12.25 percent of assets to 27.5 percent. It also supports exempting from the MBL cap loans made to non-profit religious organizations, businesses with fewer than 20 employees and businesses in "underserved areas."

NAFCU will address credit unions' regulatory burden concerns during a hearing Tuesday by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. David Clendaniel, president and CEO of Dover Federal Credit Union in Dover, Del., will testify on behalf of the association.