Veterans Member Business Loan Act

2/13/2025, 7:32 PM

Summary of Bill HR 507

Bill 119 HR 507, also known as the Veterans Member Business Loan Act, aims to amend the Federal Credit Union Act by excluding extensions of credit made to veterans from the definition of a member business loan. This bill specifically targets veterans, who may be seeking financial assistance to start or grow their own businesses.

The Federal Credit Union Act currently defines member business loans as loans made to finance commercial, corporate, or agricultural activities. By excluding extensions of credit made to veterans from this definition, the bill seeks to provide veterans with easier access to credit and financial resources to support their entrepreneurial endeavors.

This legislation recognizes the unique challenges that veterans face when transitioning to civilian life and entering the workforce. By providing veterans with greater access to credit and financial support, the bill aims to empower them to start and grow their own businesses, ultimately contributing to the overall economic growth and prosperity of the country. Overall, Bill 119 HR 507 is a bipartisan effort to support and empower veterans in their entrepreneurial pursuits by providing them with the necessary financial resources to succeed.

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Current Status of Bill HR 507

Bill HR 507 is currently in the status of Bill Introduced since January 16, 2025. Bill HR 507 was introduced during Congress 119 and was introduced to the House on January 16, 2025.  Bill HR 507's most recent activity was Referred to the House Committee on Financial Services. as of January 16, 2025

Bipartisan Support of Bill HR 507

Total Number of Sponsors
5
Democrat Sponsors
5
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
47
Democrat Cosponsors
28
Republican Cosponsors
19
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 507

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 507

Veterans Member Business Loan ActVeterans Member Business Loan ActTo amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan.
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Sponsors and Cosponsors of HR 507

Vicente Gonzalez
Vicente Gonzalez
Texas(Democrat)
Elijah Crane
Elijah Crane
Arizona(Republican)
John H. Rutherford
John H. Rutherford
Florida(Republican)
Gerald E. Connolly
Gerald E. Connolly
Virginia(Democrat)
Jill N. Tokuda
Jill N. Tokuda
Hawaii(Democrat)
Josh Gottheimer
Josh Gottheimer
New Jersey(Democrat)

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