WASHINGTON—The Defense Credit Union Council has sent a number of new letters to Capitol Hill expressing its views on several issues.
As the CU Daily reported earlier, this week and the coming weeks are expected to be especially busy as Congress wrestles with tax legislation and other issues.
DCUC sent letters to:
- The Senate Banking, Housing, and Urban Affairs Committee strongly opposing the Credit Card Competition Act (CCCA)
- To House Financial Services Committee Chairman French Hill, applauding his leadership on the “Make Community Banking Great Again” initiative and urging full inclusion of credit unions in community banking reforms.
- To the House Committee on Energy and Commerce, in which it joined with a coalition of 28 organizations expressing strong support for H.R. 1777, the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act.
A Warning
In its letter on the Credit Card Competition Act, DCUC wrote, for example, “While framed as a pro-competition measure…CCCA would pose significant consequences to our nation’s military and veteran communities, jeopardizing military families’ financial security and undermining credit unions’ not-for-profit mission when serving these populations”
DCUC said its concerns include the potential consequences of increased fraud risk due to the bill’s routing mandate “forcing credit card transactions through less secure networks; how interchange fee reductions would lessen or eliminate rewards programs, bring higher fees, and diminish affordable credit options—all without delivering promised savings to consumers.”
‘Impractical Requirement’
In the letter in support of the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act, the coalition of organizations wrote, “The current requirement for a signer to be physically present before a notary can be impractical or even impossible due to health concerns, military service obligations, or work-related travel. The COVID-19 pandemic highlighted the urgent need for remote notarization solutions, prompting 44 states to enact legislation authorizing its use.
“Notarization plays a vital role in real estate transactions, legal documentation, healthcare directives, and automotive transactions, among other areas. The SECURE Notarization Act establishes a national framework to enhance accessibility, streamline processes, and maintain essential security standards. By leveraging technology, this legislation ensures a more efficient and reliable notarization process while safeguarding consumers and service providers.”
