Reps. Vicente Gonzalez, D-Texas, and Brian Fitzpatrick, R-Pa., introduced CUNA and League-supported legislation Tuesday to exempt loans made to veteran-owned businesses from the member business lending cap. The bill has a bipartisan Senate companion, introduced in February by Sens. Mazie Hirono, D-Hawaii, and Dan Sullivan, R-Alaska.
“Credit unions stand willing and able to get needed capital to veteran-owned business, and we thank Reps. Gonzalez and Fitzpatrick for working together and introducing this bill in the House,” said CUNA President/CEO Jim Nussle. “With bipartisan bills addressing this issue now introduced in both chambers, we will continue to engage members of Congress to move this common-sense legislation forward.”
“Rep. Vicente Gonzalez continues to be great champion for our Texas credit unions and their 11 million members statewide,” said Gili Carter, executive director of the Texas Credit Union Association. “We applaud his efforts to support our veteran-owned businesses from the member business lending cap in his recently filed House companion. As introduced, this is good bipartisan bill that Cornerstone League will support, and we will strongly advocate for this much-needed legislation.”
Credit unions are restricted in member business lending to 12.25% of assets under current law.
Gonzalez and Fitzpatrick also introduced legislation Tuesday to provide credit unions additional lending flexibility, including raising the maximum business loan threshold and allow loan maturities of longer than 15 years.