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II
116TH CONGRESS
1ST SESSION
S. 2834
To amend the Federal Credit Union Act to exclude extensions of credit
made to veterans from the definition of a member business loan.
IN THE SENATE OF THE UNITED STATES
NOVEMBER 12, 2019
Mr. SULLIVAN (for himself and Ms. HIRONO) introduced the following bill;
which was read twice and referred to the Committee on Banking, Hous-
ing, and Urban Affairs
A BILL
To amend the Federal Credit Union Act to exclude exten-
sions of credit made to veterans from the definition
of a member business loan.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Veterans Members
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Business Loan Act’’.
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SEC. 2. MEMBER BUSINESS LOAN DEFINITION.
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(a) IN GENERAL.—Section 107A(c) of the Federal
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Credit Union Act (12 U.S.C. 1757a(c)) is amended—
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(1) in paragraph (1)(B)—
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(A) in clause (iv), by striking ‘‘or’’ at the
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end;
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(B) in clause (v), by striking the period
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and inserting ‘‘; or’’; and
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(C) by adding at the end the following:
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‘‘(vi) made to a veteran;’’;
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(2) in paragraph (2)(B)(ii), by striking ‘‘and’’
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at the end;
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(3) in paragraph (3), by striking the period and
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inserting ‘‘; and’’; and
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(4) by adding at the end the following:
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‘‘(4) the term ‘veteran’ has the meaning given
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the term in section 101 of title 38, United States
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Code.’’.
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(b) EFFECTIVE DATE.—The amendments made by
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subsection (a) shall take effect 180 days after the date
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of enactment of this Act.
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