WASHINGTON—The Defense Credit Union Council said it continues to advocate for credit unions' ability to offer improved and expanded financial opportunities to veteran entrepreneurs and military families by urging legislative and regulatory reforms.
DCUC has called on both the Senate Committee on Small Business & Entrepreneurship and the House Financial Services Committee’s Subcommittee on Capital Markets to support the Veterans Member Business Loan Act (see the letters here).
The legislation aims to lift the 12.25% cap on member business lending for veteran-owned businesses, allowing credit unions to provide greater access to capital without increasing systemic risk.
DCUC emphasized that veterans face higher loan denial rates, limited credit histories, and an over-reliance on personal savings—barriers that hinder business success. By modernizing the Small Business Administration (SBA) 7(a) Loan Program and exempting veteran business loans from the cap, DCUC said it believes these reforms would foster job creation, strengthen local economies, and ensure fair and equitable lending.
Additionally, DCUC applauded the Senate Banking, Housing, and Urban Affairs Committee leadership for prioritizing financial stability during the nomination hearings for the incoming Directors of the Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB). DCUC urged lawmakers to ensure that the nominees take a balanced regulatory approach that supports financial institutions serving military and veteran communities.