WASHINGTON—The Defense Credit Union Council is urging Congress and federal regulators to advance a number of policies it believes would expand access to financial services, reduce regulatory burdens on credit unions and strengthen financial readiness for military families.
During a call with reporters, DCUC Chief Advocacy Officer Jason Stverak outlined the organization’s priorities as lawmakers prepare to examine affordability issues, payments policy and several key nominations affecting the credit union and defense communities.
Among the group’s top legislative priorities are passage of the Veterans Member Business Loan Act and the removal of what it called outdated barriers to affordable housing lending, while with NCUA it has prioritized modernization of credit union field-of-membership authorities.
DCUC said those proposals would increase access to capital for veterans, entrepreneurs and military families while expanding consumer choice.
‘Reducing Costs’
“Congress should focus on reducing costs by removing unnecessary regulatory barriers that prevent community-based financial institutions like credit unions from fully serving their members,” Stverak said. “If lawmakers truly want to lower the cost of living in this country, they need to release the handcuffs on credit unions so they can provide the broadest possible range of financial services and help more Americans achieve the American Dream.”
DCUC also said it will closely monitor a House Financial Services Committee hearing on the future of payments. The organization recently submitted comments opposing federal routing mandates and interchange price controls, while warning that conflicting state payment laws could weaken fraud prevention efforts, cybersecurity protections, rewards programs and access to affordable financial products.
The group is advocating for what it described as a uniform national payments framework that would promote innovation while ensuring credit unions have access to real-time payments and emerging financial technologies. Stverak said the issue is especially important for military families who frequently move across state lines and overseas.
Monitoring Nominations
DCUC also is following the Senate Armed Services Committee’s consideration of Jules Hurst III, nominee to serve as Under Secretary of War (Comptroller) and chief financial officer of the Department of War. The organization said it has emphasized to lawmakers that financial readiness is a critical component of military readiness.
Among the issues DCUC wants addressed are improved collaboration between military leaders and defense credit unions, preservation of financial-services choice on military installations, reliable financial services at overseas and remote locations, better coordination during government shutdowns and military pay disruptions, and expanded data-sharing related to the financial challenges facing servicemembers and their families.
The organization said it has already held preliminary discussions with members of Hurst’s team and looks forward to working with him during the confirmation process.
‘Continued Commitment’
“Our advocacy efforts this week reflect DCUC’s continued commitment to practical policies that protect credit unions and their members and strengthen the financial security of servicemembers, veterans, military families and consumers nationwide,” Stverak said.
