H.R. 507

Summary

H.R. 507, the Veterans Member Business Loan Act, was introduced in the House on Jan 16, 2025 by Rep. Vicente Gonzalez (D) with 70 co-sponsors. It was referred to Financial Services, and last saw action on Jan 16, 2025: Referred to the House Committee on Financial Services.

Record

Text

H.R. 507 has 70 co-sponsors.

119 HR 507 IH: Veterans Member Business Loan Act
 U.S. House of Representatives
 2025-01-16
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 507  IN THE HOUSE OF REPRESENTATIVES   January 16, 2025   Mr. Vicente Gonzalez of Texas  (for himself,  Mr. Fitzpatrick ,  Mr. Costa ,  Ms. Tokuda ,  Mr. Ciscomani ,  Ms. Brownley ,  Mr. Golden of Maine ,  Mrs. Cherfilus-McCormick ,  Mr. Connolly ,  Mr. Biggs of Arizona ,  Mr. Valadao ,  Mr. Cuellar ,  Ms. Titus ,  Ms. Bonamici ,  Mr. Lynch ,  Mr. Carson ,  Mr. Rogers of Kentucky ,  Mr. Cole ,  Mr. Gottheimer ,  Mr. Ryan ,  Mr. Rutherford , and  Mr. Crane ) introduced the following bill; which was referred to the  Committee on Financial Services    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.
1.
Short title
This Act may be cited as the   Veterans Member Business Loan Act
2.
Member business loan definition
(a)
In general
Section 107A(c) of the Federal Credit Union Act ( 12 U.S.C. 1757a(c) ) is amended—
(1)
in paragraph (1)(B)—
(A)
in clause (iv), by striking  or  at the end;
(B)
in clause (v), by striking the period and inserting  ; or ; and
(C)
by adding at the end the following:
(vi)
made to a veteran;
 ;
(2)
in paragraph (2), by striking  and  at the end;
(3)
in paragraph (3), by striking the period and inserting  ; and ; and
(4)
by adding at the end the following:
(4)
the term  veteran  has the meaning given such term under section 101 of title 38, United States Code.
 .
(b)
Effective date
The amendments made by subsection (a) shall take effect after the end of the 6-month period beginning on the date of the enactment of this Act.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Sponsors

Rep. Vicente Gonzalez (D) sponsors H.R. 507, and 70 members have co-sponsored it, 21 of them from the day it was introduced.

Vicente Gonzalez

Rep. · D–TX-34 · Sponsor

Introduced Jan 16, 2025

Andy Biggs

Rep. · R–AZ-5 · Co-sponsor

Joined Jan 16, 2025 · Original

Suzanne Bonamici

Rep. · D–OR-1 · Co-sponsor

Joined Jan 16, 2025 · Original

Julia Brownley

Rep. · D–CA-26 · Co-sponsor

Joined Jan 16, 2025 · Original

Andre Carson

Rep. · D–IN-7 · Co-sponsor

Joined Jan 16, 2025 · Original

Sheila Cherfilus-McCormick

Rep. · D–FL-20 · Co-sponsor

Joined Jan 16, 2025 · Original

Juan Ciscomani

Rep. · R–AZ-6 · Co-sponsor

Joined Jan 16, 2025 · Original

Tom Cole

Rep. · R–OK-4 · Co-sponsor

Joined Jan 16, 2025 · Original

Gerald Connolly

Rep. · D–VA-11 · Co-sponsor

Joined Jan 16, 2025 · Original

Jim Costa

Rep. · D–CA-21 · Co-sponsor

Joined Jan 16, 2025 · Original

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Committees

H.R. 507 went before 1 committee: Financial Services.

Financial Services

Financial Services

Referred To · Jan 16, 2025 · 559 Bills

Actions

H.R. 507 has taken 2 actions since Jan 16, 2025.

Votes

H.R. 507 has not gone to a roll call.

Related bills

1 bill is related to H.R. 507.

S 110Veterans Member Business Loan ActJan 16, 2025 · Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · Related bill

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Titles

H.R. 507 goes by 3 titles, 1 of them short titles.

• Veterans Member Business Loan Act — Display Title
• Veterans Member Business Loan Act — Short Title(s) as Introduced
• To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan. — Official Title as Introduced

Lobbying

8 clients hired 8 firms and 29 registered lobbyists who named H.R. 507 in 29 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Banking, Taxation/Internal Revenue Code, Financial Institutions/Investments/Securities, Small Business, Budget/Appropriations, Government Issues, Veterans, Energy/Nuclear.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 29.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files H.R. 507 under Finance and Financial Sector, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 507’s is Finance and Financial Sector.

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 507, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 9 (Thursday, January 16, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. VICENTE GONZALEZ of Texas:H.R. 507.Congress has the power to enact this legislation pursuantto the following:Section 8 of Article I of the Constitution[Page H222]

Source: congress.gov · legiscan.com