WASHINGTON, D.C (February 11, 2025) |
The Defense Credit Union Council (DCUC) provided its comments earlier today to the House Financial Services Committee addressing key challenges facing defense credit unions as the committee prepares for its hearing, titled “Semiannual Monetary Policy Report to Congress.” DCUC stressed in its letter that over-regulation, tax policy threats, and restrictive lending caps undermine credit unions’ ability to serve our Nation’s military and veteran communities’ financial needs.
DCUC called for regulatory balance, preserving credit unions’ tax-exempt status, and opposing the expansion of the Community Reinvestment Act (CRA) to credit unions. The letter also requested the committee recognize and reject harmful interchange and interest rate cap proposals that would limit affordable credit access.
Additionally, DCUC noted its support of legislation such as the Veterans Member Business Loan Act (VMBLA) and the Military Financial Services Protection Act which will expand credit access for veteran entrepreneurs and strengthen financial services for service members.
Concluding its letter, DCUC urged Congress to support policies that enhance financial education, cybersecurity, and lending flexibility while protecting the National Credit Union Administration’s (NCUA) independence to ensure defense credit unions can continue best serving their communities.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.