DCUC congratulates President-elect Donald J. Trump
DCUC Requests Collaborative Discussion to Support Military and Veteran Financial Needs
WASHINGTON, D.C. (November 6, 2024) — Today, the Defense Credit Union Council (DCUC), sent a letter to President-elect Donald J. Trump, extending congratulations on his election and highlighting key areas where his administration can make a substantial impact on the lives of service members, veterans, and their families.
“[W]e extend our sincere congratulations on your election. Your commitment to addressing the needs of Americans, particularly our Nation’s service members, veterans, and their families, is inspiring and critically important. DCUC is a staunch advocate with over 60 years of experience representing defense credit unions nationwide. Our members collectively serve over 40 million
members with an enduring mission to meet the unique financial needs of our military and veteran communities. With your administration’s focus on creating opportunities and reducing burdensome regulations, we respectfully request a meeting to discuss critical issues facing defense credit unions and the communities we support.”
DCUC’s letter outlined its top advocacy priorities to support the financial well-being of military members, veterans, and their families. These include:
Enhancing Financial Readiness at the Department of Defense (DOD): Enhancing financial education for service members and integrating defense credit unions into the Department of Defense’s financial readiness programs. This would improve financial stability and shield members from predatory practices.
Protecting Defense Credit Unions from Excessive Regulation/Maintaining NCUA’s Independence and Budget Discipline: Ensuring budget discipline within the National Credit Union Administration (NCUA), opposing the expansion of the Community Reinvestment Act (CRA) to credit unions, advocating for proportionate oversight from the Consumer Financial Protection Bureau (CFPB), and working with the Treasury Department on credit card interchange regulation to preserve affordable credit options.
Opposing the Durbin-Marshall Credit Card Competition Act: Voicing concerns about this legislation, which could impose new credit card routing restrictions, potentially increasing costs and limiting service options for military families.
Safeguarding Credit Union Tax Status and Base Access for Financial Services: Preserving credit unions’ tax-exempt status to ensure affordable services for underserved military communities and maintaining the “one bank, one credit union” policy to provide trusted, accessible financial services on bases.
Supporting Veteran Entrepreneurship: Expanding member business lending (MBL) capacity to support veteran-owned small businesses and promote local economic growth.
Advocating for National Data Privacy Standards: Promoting uniform data protection standards for all organizations handling consumer data to secure service members’ and veterans’ information against fraud and identity theft.
“DCUC remains committed to ensuring military and veteran communities have access to essential financial services,” said Anthony Hernandez, DCUC President/CEO. “We have requested a meeting with President-elect Trump or his transition team to discuss how we can work collaboratively to advance these goals and enhance financial readiness and opportunity for those who serve.”
For more information or questions related to DCUC’s advocacy priorities, please contact Jason Stverak, DCUC Chief Advocacy Officer, at jstverak@dcuc.org and visit www.dcuc.org/advocacy.
About Defense Credit Union Council (DCUC)
The Defense Credit Union Council is the trusted resource for credit unions on all military and veteran matters. By maintaining a close and constant liaison with the Pentagon, Capitol Hill, and NCUA, the Council champions the interests of credit unions serving our military and veteran communities by coordinating policy, procedures, and legislation impacting morale and welfare, financial readiness, and the delivery of quality financial products and services. Organized in 1963, the Council’s membership is comprised of more than 180 credit unions with over 37 million members. If you would like more information about this topic, please contact DCUC at hlaverty@dcuc.org.
