WASHINGTON, D.C (February 5, 2025) |
The Defense Credit Union Council (DCUC) expressed its opposition to the proposed 10% interest rate cap on credit cards in a letter to Senators Bernie Sanders (D VT) and Josh Hawley (R-MO). DCUC warned in a letter to the Senators that the legislation, while well-intended, would have severe unintended consequences for service members and their families by limiting access to credit and driving them toward predatory lenders. DCUC has requested a meeting with the senators to discuss these concerns in detail.
"While we appreciate efforts to protect consumers from excessive debt, a one-size-fits-all cap would severely restrict access to credit for military families and push them toward riskier financial alternatives," says DCUC Chief Advocacy Officer Jason Stverak. "Defense credit unions provide responsible, mission-driven financial services tailored to those who serve. We urge Senators Sanders and Hawley to prioritize solutions that safeguard both consumer protection and financial readiness for our troops."
DCUC remains committed to collaborating with policymakers to ensure military members and their families retain access to safe, affordable financial services.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.