WASHINGTON– The Defense Credit Union Council (DCUC) is praising Defense Secretary Pete Hegseth’s efforts to elevate the quality of life issues for servicemembers.
Pointing to a recent article by Hegseth to push quality of life improvements of the chain of command, DCUC said it strongly supports this renewed focus and is urging continued collaboration with the Department of Defense (DoD) to address financial readiness challenges faced by military families.
‘Hand-in-Hand’
“For over 60 years, DCUC has worked hand-in-hand with its member credit unions and the DoD to ensure our servicemembers and veterans have access to the dependable, affordable financial services they deserve,” DCUC President and CEO Anthony Hernandez said in a statement. “We’re encouraged by Secretary Hegseth’s leadership and look forward to working together to remove barriers that impact credit unions’ ability to serve the defense community effectively.”
‘Growing Obstacles’
According to DCUC, despite longstanding partnerships with the military, defense credit unions face growing obstacles—from regulatory changes threatening smaller institutions to potential legislative disruptions like the Credit Card Competition Act (CCCA). DCUC said it is stressing that how these changes could limit credit access and weaken fraud protections for military families. DCUC also raised concerns over the proposed elimination of the Community Development Financial Institutions (CDFI) Fund, a key resource for serving economically distressed bases and surrounding communities.
‘No Handcuffs’
“To protect our military’s financial readiness, we need smart, supportive policies—not regulations that handcuff community-based credit unions,” DCUC Chief Advocacy Officer Jason Stverak said in a statement. “The Military Financial Services Protection Act of 2024, introduced by Rep. French Hill, is a vital step in the right direction. It brings stakeholders to the table and ensures the Pentagon understands the value our credit unions provide.”
Meeting Requested
DCUC said it has formally requested a meeting with Secretary Hegseth to discuss ways to enhance the financial well-being of military personnel, implement legislative solutions, and eliminate barriers to access.
