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H.R. 507119th CongressIn committeeLatest action Jan 16, 2025Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
HR 507 exempts veteran business loans from the 12.25% federal credit union lending cap, taking effect six months after signing.
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Federal credit unions are currently capped at lending 12.25% of their assets in member business loans. HR 507 removes veteran business loans from that calculation entirely, so those loans no longer count toward the cap. The change would take effect six months after the bill is signed into law.
Veterans who are members of a federal credit union and want to start or grow a business would be directly affected. Federal credit unions that serve veterans would also gain more flexibility in how much they can lend.
Under current law, credit unions near their cap must turn away business loan applicants. Excluding veteran loans from the count creates additional room within the same cap, which changes how many business loan applications a credit union can approve.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Referred to the House Committee on Financial Services.