WASHINGTON--The Defense Credit Union Council submitted letters and comments ahead of key congressional hearings this week.
Supporting Veteran Entrepreneurship & Digital Asset Innovation
DCUC urged Congress to support H.R. 507, the Veterans Member Business Loan Act, ahead of the House hearing on “Empowering Veterans Through Entrepreneurship.” DCUC’s letter highlights how the bill eliminates the outdated 12.25% cap on member business loans when made to veterans or service members and enables credit unions to provide more affordable, mission-aligned financing—without taxpayer cost—to veteran-owned startups.
“We continue to share how veterans are denied at higher rates than non-veterans, yet they rely on credit unions for trusted financial support,” said Jason Stverak, DCUC chief advocacy officer. “This legislation would not only increase access to capital, job creation, equitable treatment, but strengthened military readiness through successful transitions to civilian life.”
DCUC also submitted testimony for the Senate hearing on “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.” DCUC's comments focused on:
- Stablecoin clarity and consumer protections
- Regulatory parity for credit unions
- Institutional inclusion in the digital asset ecosystem
Opposing California’s AB 801 – The State CRA for Credit Unions
DCUC joined the California Credit Union League, AACUC, and America’s Credit Unions in a joint letter to Assemblymember Mia Bonta opposing AB 801, which would impose unnecessary CRA mandates on credit unions in California. While in support of the goal to serve underserved communities, the organizations argue that AB 801 imposes unnecessary, burdensome regulations on credit unions, which already excel in this mission without a state mandate.
“Credit unions are financial cooperatives that exist solely to provide pooled funds for member-owners and should be recognized as the good actors they are," the groups stated. "Due to their unique structure, credit unions don’t need a push to serve people of modest means—doing so is embedded in the mission of all credit unions. The trade associations listed above firmly believe that subjecting credit unions to CRA is unnecessary and will impede the credit union’s natural ability to serve the underserved. For these reasons, we must oppose AB 801.”
Letters can be found at: dcuc.org/lettersandcomments