The Defense Credit Union Council (DCUC) has engaged Congress to support two critical legislative efforts, empowering veteran entrepreneurship with H.R. 507, and balancing digital asset regulation.
Ahead of the June 24 hearing, “Empowering Veterans Through Entrepreneurship,” DCUC sent a letter to the House Committee on Veterans’ Affairs urging swift passage of the Veterans Member Business Loan Act (H.R. 507).
DCUC’s letter highlighted how the bill eliminates the outdated 12.25% cap on member business loans when made to veterans or service members and enables credit unions to provide more affordable, mission-aligned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 urges the House to advance this bipartisan, no-cost legislation that honors veterans’ service by supporting their business ambitions.
Additionally, DCUC submitted new testimony to the Senate Banking, Housing, and Urban Affairs’ Subcommittee on Digital Assets ahead of the June 24 hearing, “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.”
DCUC outlined key priorities, such as:
- Stablecoin clarity – Support for clear regulatory definitions and the bipartisan GENIUS Act to establish safety, transparency, and reserve standards.
- Consumer protection – Robust KYC/AML safeguards to shield military families—often targeted by scams—from digital asset fraud.
- Regulatory parity – Empower NCUA to oversee credit union digital asset services, ensuring equal opportunity in innovation.
- Institutional inclusion – Allow credit unions and CUSOs to issue stablecoins, custody digital assets, and participate in emerging crypto infrastructure under tailored rules.
“Equitable digital asset frameworks will enable credit unions to offer secure, inclusive, and innovative financial services—without stifling competition,” adds Stverak.
“We are committed to advancing measures that lift veteran entrepreneurs and ensure credit unions can responsibly innovate in digital assets. Both H.R. 507 and a balanced digital framework reflect our shared mission with our member credit unions: serving those who serve our country,” says Anthony Hernandez, DCUC President/CEO.
The DCUC also, in collaboration with the California Credit Union League (CCUL), the African-American Credit Union Coalition (AACUC), and America’s Credit Unions (ACU), has sent a joint letter to Assemblymember Mia Bonta expressing strong opposition to California Assembly Bill 801 (AB 801) – the California Community Reinvestment Act (CRA).
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. 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.”
The coalition of credit union advocates outlined key concerns with AB 801, including:
Redundant Regulation: Credit unions were intentionally excluded from the federal Community Reinvestment Act (CRA) and already outperform banks in lending to underserved communities.
Higher Costs, Lower Impact: AB 801 expands CRA obligations, adding extensive reporting and examination requirements. These demands divert resources away from affordable lending and community programs.
Legal Restrictions Ignored: The bill fails to adequately account for credit unions’ field-of- membership rules and federal lending caps, which limit how and to whom they can lend— making full compliance with CRA standards problematic.
Strong Existing Oversight: Credit unions already comply with federal fair lending laws and are subject to rigorous supervision. Many also hold federal designations that affirm their community impact:
- 19 are Community Development Financial Institutions (CDFIs)
- 37 have Low-Income Designation
- 20 are recognized as Minority Depository Institutions (MDIs)
DCUC, alongside its industry partners, urges lawmakers to reject AB 801 and instead support solutions that enhance—not hinder—the ability of credit unions to serve California’s diverse andunderserved communities.