Rep. Rob Wittman Signs on as Co-Sponsor of Veterans Members Business Loan Act

Following credit union and League advocacy efforts, Rep. Rob Wittman (R-1st) 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 18 House members in a show of bipartisan support.

"Rep. Wittman 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. “Credit unions take special pride in serving our nation's veterans. Removing a statutory barrier that limits credit unions’ ability to serve veteran-owned small businesses will be beneficial for entrepreneurs and local economies across the nation."

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. Wittman's support of the measure is a direct result of credit union and League advocacy efforts. We highlighted this bill and other key bills of interest to credit unions in a meeting last month with the Congressman.

Rep. Gerry Connolly (D-11th) signed on as a co-sponsor of H.R. 4867 last month.