WASHINGTON, D.C. (December 20, 2024) |
The Defense Credit Union Council (DCUC) leadership met with the Department of Defense (DoD) Deputy Chief Financial Officer earlier today to reinforce its critical role and historic partnership with DoD decision-makers. DCUC advocates for enhanced financial services for military and veteran communities as part of its mission. Recognizing the challenges caused by disrupted communication channels during the COVID-19 pandemic, DCUC aims to solidify and strengthen its longstanding relationship with the DoD, while ensuring informed policy decisions that benefit service members and their families.
The meeting focused on recent concerns related to the DoD Military Banking Program, which has faced significant operational and policy challenges in recent years. These obstacles have created barriers for financial institutions, especially smaller credit unions operating on military installations. By engaging directly with DoD leadership, DCUC aims to streamline the approval
process for simple agreements, modernize operational policies, and restore the effectiveness of this long-standing public-private partnership.
Anthony Hernandez, DCUC president/CEO, presented an overview of DCUC’s mission and its pivotal role in championing the financial well-being of military and veteran communities. Hernandez emphasized the unique challenges defense credit unions face in serving our armed forces and veterans while highlighting DCUC’s 61+ years of partnership with the DoD as the trusted advocate for credit unions on military and veteran matters.
During the briefing, Hernandez addressed key aspects of the Military Banking Program, including its purpose, policy responsibilities, and the need for improved management under the DoD Financial Management Regulation (FMR). He also discussed the newly introduced “Military Financial Services Protection Act of 2024,” sponsored by Congressman French Hill, Chair-elect of the House Financial Services Committee (HFSC). This landmark legislation seeks to enhance financial services offered on military installations through better oversight and strategic collaboration.
Jason Stverak, DCUC’s Chief Advocacy Officer, joined Hernandez, who outlined DCUC’s advocacy position and why DCUC stresses the importance of creating an official advisory
committee to enhance the management and oversight of the current Military Banking Program. DCUC’s briefing noted how the committee would bring together senior DoD officials and federal financial regulators to address policy gaps, leverage financial technology advancements, and ensure improved access to financial services.
Stverak will be working with Congress to highlight the critical role of the “Military Financial Services Protection Act of 2024” in equipping the DoD with the tools needed to streamline operations and strengthen financial readiness among service members.
Hernandez echoed this sentiment in meeting with the DoD. By fostering collaboration and utilizing data-driven solutions, DCUC believes we can tackle long-standing challenges and better serve the financial needs of those who serve our nation.
DCUC remains committed to working with DoD officials, Congressman Hill, and key stakeholders to advance policies that protect military consumers, enhance financial readiness, and sustain the missions of credit unions and military banks.
Through continued collaboration, DCUC and the DoD will strengthen the financial foundations that empower military communities to thrive.
For more information, contact Jason Stverak, DCUC Chief Advocacy Officer at jstverak@dcuc.org.