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From: Navy Times
A bill introduced into the U.S. House of Representatives could make it easier for veterans who have served on active duty to get business loans.
Authored by Rep. Jeff Miller, R-Chumuckla, HR 1133 would exempt loans to veterans from counting against a credit union's member business loans cap. The cap prevents the credit unions from making loans in excess of 12.25 percent of their total assets and applies to all business loans above $50,000.
"This bill would make the decision to offer military veterans access to capital much easier," Miller said in an emailed statement. "It will enable many more veterans an opportunity."
The member business loan cap became law in 1998 with the passing of the Credit Union Membership Access Act. The reasoning is that a credit union is member-owned and member-financed. Banks, on the other hand, tend to be bigger and have access to greater assets.
"At the end of the day, this is not a credit union issue," said Jared Ross, senior vice president of association services for the League of Southeastern Credit Unions & Affiliates. "It is an issue to help veterans. ... It just makes sense to give them every opportunity to get access to this capital."
Miller's bill is identical to a bill he introduced in July and late in the previous Congressional session, which ended in August. The current bill, which has nine sponsors, has been referred to the House Finance Services Committee where it could be eventually voted on before potentially going before a full House vote.
"Credit unions would love to do more to help veterans and their small business needs," said Stu Ramsey, president and CEO of Pen Air Federal Credit Union in a statement. "This legislation is well thought out and should help our returning servicemen and women further their dreams."
Another current piece of legislation, HR 1188, or the Credit Union Small Business Jobs Creation Act, was introduced Monday and would raise the cap to 27.5 percent. Banks are not held to a cap.
"Ideally, we'd like to see the entire cap raised," Ross said.
http://www.pnj.com/story/news/military/2015/03/03/bill-may-mean-business-loans-veterans/24342631/
A bill introduced into the U.S. House of Representatives could make it easier for veterans who have served on active duty to get business loans.
Authored by Rep. Jeff Miller, R-Chumuckla, HR 1133 would exempt loans to veterans from counting against a credit union's member business loans cap. The cap prevents the credit unions from making loans in excess of 12.25 percent of their total assets and applies to all business loans above $50,000.
"This bill would make the decision to offer military veterans access to capital much easier," Miller said in an emailed statement. "It will enable many more veterans an opportunity."
The member business loan cap became law in 1998 with the passing of the Credit Union Membership Access Act. The reasoning is that a credit union is member-owned and member-financed. Banks, on the other hand, tend to be bigger and have access to greater assets.
"At the end of the day, this is not a credit union issue," said Jared Ross, senior vice president of association services for the League of Southeastern Credit Unions & Affiliates. "It is an issue to help veterans. ... It just makes sense to give them every opportunity to get access to this capital."
Miller's bill is identical to a bill he introduced in July and late in the previous Congressional session, which ended in August. The current bill, which has nine sponsors, has been referred to the House Finance Services Committee where it could be eventually voted on before potentially going before a full House vote.
"Credit unions would love to do more to help veterans and their small business needs," said Stu Ramsey, president and CEO of Pen Air Federal Credit Union in a statement. "This legislation is well thought out and should help our returning servicemen and women further their dreams."
Another current piece of legislation, HR 1188, or the Credit Union Small Business Jobs Creation Act, was introduced Monday and would raise the cap to 27.5 percent. Banks are not held to a cap.
"Ideally, we'd like to see the entire cap raised," Ross said.
http://www.pnj.com/story/news/military/2015/03/03/bill-may-mean-business-loans-veterans/24342631/
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Posted >1 y ago
Responses: 3
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HR 118 and 1133 just went to committee
http://thomas.loc.gov/cgi-bin/bdquery/D?d114:1:./temp/~bdsgrr:@@@X|/home/LegislativeData.php|
http://thomas.loc.gov/cgi-bin/bdquery/D?d114:1:./temp/~bdr9Cy:@@@X|/home/LegislativeData.php|
"during the 110th session of Congress? Over the course of two years thousands of bills were introduced, but by the end only 442 laws were enacted."
...so...maybe.....
What happens to all those bills that don't become laws?
http://assets.sunlightlabs.com/billvisualization/index.html
Query: how good do you think your odds are of enacting change you care about? Even things that are really logical and that you have a fired up based around....Even if you actually get legislators to answer your correspondence....?
https://www.rallypoint.com/answers/arm-the-armed-forces
http://thomas.loc.gov/cgi-bin/bdquery/D?d114:1:./temp/~bdsgrr:@@@X|/home/LegislativeData.php|
http://thomas.loc.gov/cgi-bin/bdquery/D?d114:1:./temp/~bdr9Cy:@@@X|/home/LegislativeData.php|
"during the 110th session of Congress? Over the course of two years thousands of bills were introduced, but by the end only 442 laws were enacted."
...so...maybe.....
What happens to all those bills that don't become laws?
http://assets.sunlightlabs.com/billvisualization/index.html
Query: how good do you think your odds are of enacting change you care about? Even things that are really logical and that you have a fired up based around....Even if you actually get legislators to answer your correspondence....?
https://www.rallypoint.com/answers/arm-the-armed-forces
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