News : Congressional Updates

Veteran Business Lending Exemption is Introduced in 116th Congress

Wednesday, April 10, 2019  
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DCUC commends Representatives Gonzalez, Cook, Young and Gabbard for introducing a bill to amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan Veteran's Business.

This is DCUC's top legislative priority for 2019. This is a perfect response to a November 2018 Small Business Administration and Federal Reserve Bank of New York study on veteran business lending trends indicating low loan approval rates for veterans.

DCUC was instrumental in the bill’s initial introduction two Congresses ago, and has been urging Congress to pass this as a way to stimulate the economy and help small entrepreneurs.

"We are very pleased with the introduction of this bill" said Tony Hernandez, DCUC's President and CEO. "We look forward to working with Congress and the Executive Branch to open up additional channels for military members to obtain safe access to business loans so they can participate and build our economy."

DCUC will continue working with partner organizations to build consensus for passage of this bill.


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