NAFCU hails introduction of H.R. 5061
WASHINGTON, DC (July 10, 2014) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger today praised Rep. Jeff Miller, R-Fla., chairman of the House Veterans Affairs Committee for his leadership today by introducing H.R. 5061, a bill that would exclude veterans’ loans from the statutory credit union member business loan cap.
“We thank Chairman Miller for ensuring that veterans have access to all the resources possible to succeed after their service,” said Berger. “Credit unions have always been a great resource for veterans, and this legislation will remove barriers to credit unions helping veterans succeed. We strongly urge other members of Congress to support this new bill.”
Under H.R. 5061, “veteran” would include anyone who served on active duty, and who was discharged or released under conditions other than dishonorable. If enacted, his MBL measure would advance a key element of NAFCU’s five-point plan for credit union regulatory relief.
NAFCU is urging an increase in credit unions’ MBL cap from 12.25 percent of assets to 27.5 percent. It also supports exempting from the MBL cap loans made to non-profit religious organizations, businesses with fewer than 20 employees and businesses in “underserved areas.”
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.