H. R. 507, known as the “Veterans Member Business Loan Act,” seeks to amend the Federal Credit Union Act to change how loans given to veterans are classified. The bill proposes that any credit extended to veterans should not be and is no longer considered as part of "member...
Simple Explanation
Imagine there's a rule for lending money from a piggy bank that can only be used for kids' lemonade stands. Now, this new bill wants to change the rules so when the piggy bank lends money to a kid who was in the army, it doesn't count as a lemonade stand loan. This should help those army kids get more money easily.