Rep. Gerry Connolly Signs on as Co-Sponsor of Veterans Members Business Loan Act
Following credit union and League advocacy efforts, Rep. Gerry Connolly (D-11th) has signed on to H.R. 4867 (Veterans Members Business Loan Act) as a co-sponsor. At present, the bill has garnered the support of 14 House members in a show of bipartisan support.
Currently, most credit unions are restricted in business lending by current law to 12.25% of their total assets. This bill would amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the MBL definition.
This legislation serves as an investment in the country’s veterans by increasing access to small business loans made by credit unions. Increased access to affordable credit will allow veterans more opportunities to start and grow small businesses in our communities.
“Rep. Connolly is a champion of both credit unions and our veterans, and we appreciate his support of H.R. 4867,” said League President/CEO Carrie Hunt. “Exempting business loans made to veterans from an arbitrary and outdated member business lending cap means credit unions can do more to support veterans, contribute to the success of small businesses, and foster entrepreneurship.”
Rep. Connolly's support of the measure was a direct result of credit union and League advocacy efforts. We highlighted this bill and other key bills of interest to credit unions in recent meetings with the Congressman and his staff members.
Rep. Connolly also co-sponsored the SAFE Banking Act of 2023 (H.R.2891). The SAFE Banking Act prevents banking regulators from taking certain actions against a bank or credit union for offering services to legally operating cannabis businesses.
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