The American Legion and the Defense Credit Union Council (DCUC) have jointly sent a letter to the United States Congress to urge the swift passage of the Veterans Member Business Loan Act. The Act would provide for expanded access to capital for small businesses owned by veterans.
Push for Bipartisan Support for the Veterans Member Business Loan Act
The Defense Credit Union Council (DCUC) has announced in an X post that it has jointly sent a letter with The American Legion to congressional leaders on Capitol Hill to urge the passage of H.R. 507 and S. 110. These are companion bills in the United States House of Representatives and Senate titled the Veterans Member Business Loan Act, which would expand access to capital for veteran-owned businesses at no cost to taxpayers.
The letter was sent to leaders of both sides of the political aisle, which included Speaker Mike Johnson, Senate Majority Leader John Thune, Senate Minority Leader Chuck Schumer, and House Minority Leader Hakeem Jeffries. Both advocacy groups noted in the letter that many veterans face challenges when seeking financing to grow or start a business, despite the skills that they bring to entrepreneurship.
The letter by the American Legion notes that while credit unions are serving military communities that are willing to expand responsible lending to veteran entrepreneurs, there is an outdated federal limit on lending set at 12.25% of assets that often forces these credit unions to turn away qualified veteran borrowers. The letter further urged leaders in the U.S. Congress to bring the bills to the floor without delay.
“The Veterans Member Business Loan Act doesn’t ask for any new federal program or spending; it simply removes a regulatory hurdle and lets credit unions use their own capital to do more of what they already do best: make safe, responsible loans in their communities. It is a rare opportunity to enact a policy change that is straightforward, bipartisan, and profoundly impactful without burdening the federal budget,” read the letter addressed to congressional leaders.
The legislation, however, enjoys strong bipartisan support. In the House of Representatives, H.R. 507 is led by Representatives Vicente Gonzalez, a Democrat, and Brian Fitzpatrick, a Republican. In the Senate, S. 110 is led by Senators Mazie Hirono, a Democrat, and Dan Sullivan, a Republican.
American Legion’s Battle for Veteran Welfare
The American Legion, formally established through federal law in 1919, has dedicated itself to serving the interests of veterans. Its membership is open to people who served in the U.S. Armed Forces during wartime periods.
The organization has, through advocacy, fought for improved veteran healthcare, better active-duty pay, housing, and other benefits. Recently, the non-profit confirmed that it had donated $67,000 in 2025 to community benefits.
War veterans are susceptible to significant financial and health challenges, which require that they get enough support to get on with life after military service. Studies have shown that at some point in their life, 7 out of every 100 veterans will have PTSD (Post-Traumatic Stress Disorder). The letter by the American Legion notes that while credit unions are serving military communities that are willing to expand responsible lending to veteran entrepreneursumatic Stress Disorder.
