WASHINGTON–One issue will be “front and center” for the Defense Credit Union Council (DCUC) on Capitol Hill this week, and that’s the must-pass National Defense Authorization Act (NDAA) and whether it will be used to carry amendments credit unions “vociferously” oppose.
Typically not a vehicle for financial services legislation, those amendments that have DCUC and other CU groups worried include the Credit Card Competition Act (CCCA), as well as Sen. Josh Hawley’s and Sen. Bernie Sanders’ 10% interest rate cap as part of the fight.
In addition, Jason Stverak, chief advocacy officer with DCUC, reiterated the organization’s strong concern over the NDAA also potentially carrying Rep. Tom Emmer’s anti-CBDC bill or language from it, which leadership has pledged to do.
Calling such a move by the House a “significant step,” Stverak said it raises the likelihood of floor votes on those amendments.
‘Speaking Out Vociferously’
“We will also be speaking out vociferously against that,” Stverak said. “The CCCA is flawed legislative language already and burdening the NDAA with it is unnecessary and a poison pill amendment.”
Stverak said DCUC has joined with other groups in running ads in certain DC media opposing the inclusion of the CCCA in the NDAA.
He added the Senate is not expected to take up the NDAA this week and will instead focus on nominations and appropriations bills.
A Perennial Issue
All of that, noted Stverak, once again means Congress is behind schedule on funding the government by its Sept. 3 deadline.
“We have been telling everyone it is more than likely we are going to see a government shutdown,” Stverak said. “We want to make sure our credit unions and the entire industry is prepared for a shut down on Aug. 30.”
DCUC said it believes a continuing resolution, the short-term patch used by Congress in the past to bridge funding issues, may be harder to pass this year.
“We are urging credit unions to prepare early—especially those serving federal employees and contractors,” DCUC added.
Cumberland FCU Joins DCUC
Separately, the Defense Credit Union Council (DCUC) has welcomed New Cumberland Federal Credit Union as its newest active member.
Founded in 1952 by employees of the New Cumberland Army Depot Defense Distribution Center, NCFCU has grown to serve members across six Pennsylvania counties: Cumberland, Dauphin, York, Adams, Perry, and Lebanon. With a strong foundation in service, community support, and financial education, NCFCU has maintained a steadfast commitment to improving the financial well-being of its diverse membership base, DCUC said.
‘Deepens Our Support’
“Joining the Defense Credit Union Council represents an exciting opportunity for NCFCU to deepen our support of military and veteran members,” NCFCU President and CEO Ronald Ferrance said in a statement. “We’re proud to align ourselves with an industry organization that shares our mission to serve with purpose, advocate with passion, and lead with integrity.”
‘Longstanding Dedication’
Added Anthony Hernandez, president and CEO of the DCUC, “NCFCU’s longstanding dedication to financial empowerment and community engagement is a natural fit with DCUC’s mission. We are proud to welcome them into our community of defense credit unions and look forward to their active involvement in advancing the financial well-being of our nation’s defenders and their families,” said Anthony Hernandez, DCUC President/CEO.
