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Sens. Dan Sullivan, R-Alaska, and Mazie Hirono, D-Hawaii, introduced a NAFCU-supported bill to exclude veterans' loans from the statutory credit union member business loan cap. A companion House-version of the bill was introduced earlier this year by a bipartisan group of representatives.

"NAFCU has long led the fight for relief for credit unions from the arbitrary member business lending cap, and we thank Senators Dan Sullivan and Mazie Hirono for introducing this important NAFCU-sought legislation," said NAFCU Vice President of Legislative Affairs Brad Thaler. "This bipartisan bill will improve veterans' access to necessary capital by removing statutory barriers that hinder credit unions' ability to meet the financial needs of our nation's veterans."

The bill covers loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable. More information can be found in NAFCU's Grassroots Action Center, which allows credit unions to contact their lawmakers directly on the issue.

Maintaining a healthy regulatory environment that neither stifles innovation nor discourages credit unions from providing consumers and small businesses with access to credit is a key part of NAFCU's regulatory reform agenda. This bill supports that by enabling credit unions to provide more consumers and small businesses with access to credit.

NAFCU also remains active on another defense credit union issue – the fiscal year 2020 National Defense Authorization Act. While the conference committee continues to discuss a final version of the bill, NAFCU's advocacy remains active against the inclusion of a provision that would treat banks the same as a military installation's local, not-for-profit credit union when it comes to nominal leases on military bases. A "skinny" version of the bill has been offered as a possible solution; it does not include the credit union-opposed provision.