DCUC supports bill to exempt loans to veterans
WASHINGTON, DC (April 12, 2019) — The Defense Credit Union Council (DCUC) commends Representatives Gonzalez (D-Texas), Cook (R-Calif.), Young (R-Ark.) and Gabbard (D, Hawaii) for introducing a bill to amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan Veteran’s Business. This would exempt loans made to veterans from counting against a credit union’s member business lending cap.
This is DCUC’s top legislative priority for 2019. It’s a perfect response to a November 2018 Small Business Administration and Federal Reserve Bank of New York study on veteran business lending trends indicating low loan approval rates for veterans.
“We are very pleased with the introduction of this bill” said Tony Hernandez, DCUC’s President and CEO. “We look forward to working with Congress and the Executive Branch to open up additional channels for military members to obtain safe access to business loans so they can participate and build our economy.”
DCUC was instrumental in the bill’s initial introduction two Congresses ago, and has been urging Congress to pass this as a way to stimulate the economy and help small entrepreneurs. Under the legislation, extensions of credit made to veterans who served on active duty and were discharged under conditions other than dishonorable would be excluded from the definition of a member business loan.
DCUC will continue advocating for our nations veterans to make it easier for them to access capital to invest in their ideas and their communities. DCUC is dedicated to working with partner organizations to build consensus for passage of this bill.
About Defense Credit Union Council (DCUC)
The Defense Credit Union Council is the premier resource for credit unions on all military and veteran matters. By maintaining a close and constant liaison with the Pentagon, Capitol Hill, and NCUA, the Council champions the interests of credit unions serving our military and veteran communities by coordinating policy, procedures, and legislation impacting morale and welfare, financial readiness, and the delivery of quality financial products and services. Organized in 1963, the Council’s membership is comprised of 180 credit unions with over 35 million members. If you would like more information about this topic, please contact DCUC at alert@dcuc.org.
