DCUC Presses Congress on NDAA, CFPB Advisory Council, Veteran Business Lending
By CU Today Staff —
WASHINGTON—The Defense Credit Union Council is urging House leaders to keep the FY2027 National Defense Authorization Act focused on military readiness by rejecting interchange and payment-routing mandates and other unrelated financial services provisions, while advancing several bipartisan credit union priorities, including modernization of the Central Liquidity Facility, expanded loan maturity authority and legislation designed to improve veterans' access to small-business financing.
Monday, DCUC sent a letter to House leadership urging lawmakers to keep the NDAA focused on national defense, military readiness, servicemembers, veterans, and their families.
DCUC's letter encourages the House to reject “harmful” interchange and payment-routing mandates, commissary and exchange card-fee studies, and proposals to extend federal credit union share insurance to non-members. DCUC also called for support of several bipartisan priorities that strengthen military financial readiness, including:
“Defense credit unions are financial readiness partners for the military community, providing trusted financial services before, during, and after military service,” said Anthony Hernandez, DCUC president/CEO, ret. U.S. Air Force colonel. “The NDAA should strengthen, not distract from, our national defense mission. Congress should reject last-minute financial services riders that have no place in defense legislation while supporting practical, bipartisan measures that expand access to credit, strengthen financial resilience, and better serve military families.”
Ahead of hearings this week, DCUC submitted letters to Congress, including:
House Appropriations Subcommittee on Financial Services and General Government
Ahead of the June 30 oversight hearing with Office of Management and Budget Director Russell Vought, DCUC encouraged lawmakers to address restoring a formal credit union advisory voice at the CFPB, maintaining risk-based consumer protection policies, and protecting timely implementation of appropriated CDFI Fund and Community Development Revolving Loan Fund resources.
In its comments, DCUC requested that lawmakers seek commitments from Vought on three priorities critical to credit unions and the communities they serve:
House Small Business Committee:
Prior to the July 1 hearing, "250 Years of American Legacy Small Businesses and the American Dream," DCUC urged Congress to advance the VMBLA, which would expand opportunity and access to capital for veteran entrepreneurs while requiring no new taxpayer spending, press release attached.
"Veteran entrepreneurs face persistent and well-documented barriers to capital. Many transition from military service without long private-sector credit histories, traditional collateral, or steady civilian income records. Frequent relocations, deployments, and career transitions can complicate underwriting even when the borrower has a viable business plan, strong character, and proven leadership ability. Many veterans are forced to rely on personal savings, credit cards, or higher-cost financing to launch or expand their businesses. That is not a lack of ambition; it is a policy failure that prevents capable veterans from fully participating in the American Dream," DCUC wrote.
Originally reported by CU Today.