WASHINGTON–The Defense Credit Union Council (DCUC) has sent a letter to Sens. Ted Cruz (R-TX), Katie Britt (R-AL), and Rep. Andy Barr (R-KY) expressing support for the goals of the Community Bank Relief Act, while “respectfully urging clarification” to ensure credit unions are explicitly included in the bill’s statutory language.
As the CU Daily reported here, the legislation proposes to tie asset restrictions that were enacted by the Durbin Amendment after the financial crisis of nearly 20 years ago, to the rate of inflation. The restrictions apply to credit unions, as well.
In the letter, DCUC Chief Advocacy Officer Jason Stverak said the Defense Council strongly supports efforts to modernize federal law to reflect current economic conditions, and that “adjusting statutory thresholds tied to debit interchange regulations to account for inflation is a prudent and necessary step toward restoring regulatory balance in the financial services marketplace.”
‘Explicit Inclusion’
The Defense Council told Congress that if it intends to provide meaningful and durable relief to smaller financial institutions, it requests the explicit inclusion of credit unions within the statutory language. “[This] will ensure parity, prevent ambiguity, and reinforce competitive fairness across the financial services sector,” wrote Stverak.
“Credit unions operate under the same regulatory framework and face the same economic pressures as community banks,” DCUC president and CEO Anthony Hernandez said in a statement. “Ensuring parity in this legislation is not just a technical correction; it is essential to protecting financial access, stability, and fairness for all communities served nationwide.”
