WASHINGTON (3/2/15)--A bill that would exempt business loans to veterans from credit unions' statutory cap was introduced Friday by Rep. Jeff Miller (R-Fla.) and has CUNA's support. The bill, H.R. 1133, is identical to a bill introduced last Congress and would amend the Federal Credit Union Act to enhance credit union lending to veterans looking to start or finance a small business.

"Credit unions welcome the introduction of Congressman Miller's bill that allows veterans more access to capital by granting credit unions relief to the member business lending cap," said Sam Whitfield, CUNA deputy chief advocacy officer. "This legislation is a win for everyone."

Credit unions are currently bound by statute to cap member business lending at 12.25% of total assets. CUNA is a longtime advocate of raising the cap and supports a legislative fix that would raise it to 27.5% of assets.

"With so many of our veterans possessing membership with credit unions, exempting them from this lending cap would allow veterans with an entrepreneurial spirit better access to capital," Miller said in a statement.