WASHINGTON–The Defense CU Council has sent a letter to NCUA as part of the agency’s voluntary review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) in which it stressed the importance of tailoring regulations to the unique needs of servicemembers, veterans and their families.
The Recommendations
In the letter, DCUC offered several recommendations, including:
• Expanding stakeholder outreach (roundtables, town halls, listening sessions) and strengthening collaboration with agencies like the CFPB, FFIEC and FSOC to ensure regulators understand the credit union model
• Providing longer compliance timelines, especially for smaller institutions, and improving industry education through webinars, FAQs and compliance guides
• Lowering the Complex Credit Union Leverage Ratio (CCULR) threshold from 9% to 8.5% and reevaluating Prompt Corrective Action (PCA) net worth categories for greater flexibility
• Urging Congress to expand the Central Liquidity Facility by raising borrowing capacity, allowing corporate CUs to borrow directly, and enabling broader agent membership
• Modernizing outdated disclosure rules under the Truth in Savings Act/Regulation DD to reflect today’s digital banking environment, ensuring disclosures are clear, electronic and practical
‘Ready to Assist’
“DCUC commends the NCUA for proactively reviewing its regulations and stands ready to assist in advancing reforms that balance safety, soundness and consumer protection with reduced regulatory burden,” Chief Advocacy Officer Jason Stverak said in a statement.
Two Credit Unions Join DCUC
Two credit unions have become members of the Defense Council.
In New York City, Municipal Credit Union (MCU), which has grown to serve 630,000 members and says its mission is to help all New Yorkers build better tomorrows, has joined DCUC.
“MCU is honored to join DCUC and carry forward our century-long tradition of empowering hardworking communities,” President and CEO Kyle Markland said in a statement. “New York has always been one of the toughest places to live and work, but also one of the most resilient. We’ve always put people first, helping New Yorkers plan for the future and navigate new challenges, while reinvesting in the neighborhoods we call home. Partnering with DCUC strengthens that commitment and extends our ability to provide financial empowerment and support to all striving for a better life, including those who dedicate their lives to protecting ours.”
CVFCU Joins
Separately, the Defense Credit Union Council has added Cross Valley Federal Credit Union as its newest member.
Founded in 1969 as Wilkes-Barre Federal Employees Federal Credit Union, Cross Valley FCU’s roots lie in serving federal employees, DCUC said.
Over the years, the credit union has expanded, changing its name to Cross Valley Federal Credit Union in 1994, and has grown its membership and services. Today, Cross Valley FCU manages over $270 million in assets and serves nearly 18,000 members, driven by a “belief that strong relationships, financial wisdom and personal care are essential,” according to DCUC.
“Cross Valley FCU is proud to stand alongside credit unions that share our values of accessibility, equity and care,” CVFCU President and CEO Traci Donahue said in a statement. “Partnering with DCUC strengthens our ability to deliver meaningful solutions and guidance to those who dedicate their lives to protecting ours.”
Added DCUC President/CEO Anthony Hernandez in a statement, “We are excited to welcome Cross Valley Federal Credit Union to DCUC membership. Their dedication to financial accessibility and personalized service reflects the very best of the credit union movement, and we know they will be a strong advocate for their local military and veteran communities.”
