WASHINGTON—The Defense Credit Union Council (DCUC) said it has submitted a letter and an official statement for the record to Senate committees urging lawmakers to expand access to capital for veteran-owned businesses and to strengthen housing programs serving military borrowers.
In a letter to the Senate Committee on Small Business & Entrepreneurship, DCUC called for passage of the Veterans Member Business Loan Act (VMBLA), which would exempt certain veteran business loans from the credit union member business lending cap. The group said veteran-owned businesses generate hundreds of billions of dollars in economic activity but continue to face higher financing gaps and lower approval rates than nonveteran firms.
“Expanding responsible access to capital for veterans is both an economic priority and a commitment to those who served,” DCUC President and CEO Anthony Hernandez said in a statement, describing the proposal as a bipartisan measure that would allow credit unions to better serve veteran entrepreneurs while supporting local economies and job creation.
DCUC Chief Advocacy Officer Jason Stverak added in the letter that many veteran-owned businesses seek relatively small amounts of startup capital—often less than $50,000—making credit unions well-positioned to meet those needs through relationship-based lending.
Statement for Record is Submitted
Separately, DCUC submitted a statement for the record to the Senate Appropriations Subcommittee on Military Construction, Veterans Affairs, and Related Agencies as part of its review of the fiscal 2027 budget for the Department of Veterans Affairs.
The organization urged lawmakers to fully fund and strengthen VA home loan and Loan Guaranty programs, which it said are critical to helping veterans purchase homes, avoid foreclosure and maintain long-term financial stability.
“Veterans have earned access to reliable pathways to homeownership, and Congress must ensure the VA home loan program has the resources and tools to deliver on that promise,” Hernandez said.
Representing more than 200 defense-focused credit unions serving over 40 million members worldwide, DCUC said its institutions provide mortgage lending, financial counseling and access to VA benefits for servicemembers, veterans and their families.
The Recommendations
Among its recommendations to the subcommittee, DCUC called for:
- Funding at no less than the fiscal 2027 request for the VA Housing Credit Program Account.
- Preserving loss-mitigation and foreclosure-prevention resources within the Loan Guaranty program.
- Reducing operational barriers in the home loan process, including appraisal delays and borrower competitiveness challenges.
- Supporting funding for the Native American Direct Loan program.
- Expanding direct deposit access and partnerships with credit unions through the Veterans Benefits Banking Program.
DCUC also encouraged the VA to explore opportunities for credit unions to serve veterans within VA facilities to improve access to benefits, financial education and housing readiness.
“Credit unions see firsthand how financial access and housing security go hand in hand,” Stverak said. “When veterans can safely receive benefits, access trusted guidance, and secure affordable financing, they are better positioned to thrive.”
