Bills · S 110
IN COMMITTEE· 119TH CONGRESS
Senate BillS 110Finance and Financial Sector
Veterans Member Business Loan Act
INTRO JAN 16· LAST ACTION JAN 16
READING
1MIN
COSPONSORS
4
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it aims to make it easier for veterans to access funding for their businesses. Currently, credit unions face limits on the total amount of business loans they can issue. By excluding loans made to veterans from this limit, the bill could open up more opportunities for veterans to secure the capital they need to launch or grow their enterprises.
If this bill becomes law, it could foster veteran entrepreneurship by removing a potential barrier to financing. Without this bill, credit unions might be more constrained in their ability to lend to veterans if they are already nearing their overall business loan cap, potentially forcing veterans to seek loans from other sources that may have different terms or higher costs. This change specifically recognizes and aims to support the economic contributions of veterans.
KEY PROVISIONS
3AI-extractedPROVISION 01
Excludes loans made to veterans from the definition of a 'member business loan' under the Federal Credit Union Act.
This means that business loans to veterans will no longer count towards the regulatory cap on credit union business lending, potentially increasing access to capital for veteran entrepreneurs.
PROVISION 02
Defines 'veteran' by referencing an existing definition in section 101 of title 38, United States Code.
This provides a clear and established legal definition for who qualifies as a veteran under this new provision, ensuring consistency.
PROVISION 03
The changes will take effect 180 days after the date the bill is signed into law.
This effective date provides credit unions with a transition period to adjust their policies and systems to comply with the new rules.
SPONSORSHIP
1 + 4
R· Alaska
YRS IN OFFICE
11
BILLS LED
72
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 4 REP 0 IND 0
ACTION TIMELINE
2 EVENTSJAN 16
Introduced in Senate
JAN 16
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 110
Congress119th
StatusIn Committee
IntroducedJan 16, 2025
Last actionJan 16, 2025
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED JAN 16, 2025
Senate BillS 110Finance and Financial Sector
Veterans Member Business Loan Act
INTRODUCED JAN 16, 2025· LAST ACTION JAN 16, 2025
PASSAGE CHANCES
—%
READING
1 min
COSPONSORS
4
COMPLEXITY
Moderate
