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NAFCU calls on Senate Small Biz Committee to support MBL cap relief for veterans
NAFCU Vice President of Legislative Affairs Brad Thaler Tuesday wrote to the Senate Small Business Committee ahead of today’s hearing regarding veterans' entrepreneurship. Thaler offered support for the Veterans Member Business Loan Act, which would exempt loans made to veterans from the credit union member business lending (MBL) cap and has been introduced in both chambers.
“This bill would improve veterans' access to necessary capital by removing statutory barriers that hinder credit unions' ability to meet the financial needs of our nation's veterans,” wrote Thaler. “As a result of the close relationships credit unions maintain with their members, credit unions are often willing to assist members when other lenders refuse.
“Unfortunately, credit unions face a statutory MBL cap that hinders their ability to fully serve the needs of small businesses,” continued Thaler. “Enacting this legislation will help ensure that credit unions can continue supporting veteran-owned businesses.
“We urge the committee to support this important legislation and request the Senate consider this bill to ensure our veteran-owned businesses receive the necessary capital and financial support to attain their financial goals,” concluded Thaler.
NAFCU will monitor the hearing – scheduled for 2:30 p.m. Eastern – and continue to support reforms to outdated MBL restrictions to allow credit unions to better serve their members.