March 11, 2022

Senators reintroduce bipartisan, NAFCU-sought bill to help veterans widen access to credit

CapitolSens. Dan Sullivan, R-Alaska, and Mazie Hirono, D-Hawaii, on Thursday reintroduced a NAFCU-backed bill to exclude loans made to veterans from the statutory credit union member business loan cap. 

“NAFCU thanks Senators Sullivan and Hirono for reintroducing this important legislation which will alleviate hardships for credit unions under the arbitrary member business lending cap,” stated NAFCU Vice President of Legislative Affairs Brad Thaler. “This bipartisan bill is a monumental step in improving veterans’ access to necessary capital by removing statutory barriers that obstruct credit unions' ability to meet the financial needs of our nation's veterans.”

The bill covers loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable. NAFCU advocates for a healthy regulatory environment that neither stifles innovation nor discourages credit unions from providing consumers and small businesses with access to credit. This bill supports that initiative by enabling credit unions to provide more consumers and small businesses with access to credit.

NAFCU continues to engage Congress to ensure this vital legislation is passed.