The Defense Credit Union Council, in conjunction with the Credit Union National Association (CUNA) and National Association of Federally-Insured Credit Unions (NAFCU), sent joint letters to the House and Senate Armed Services Committee in preparation for the upcoming marking of the FY2023 National Defense Authorization Act (NDAA).
The FY2023 NDAA is a vital piece of legislation that affects credit union operations on installations and in communities. As such, the three trade associations came together to use their common voice to advance the credit union cause. It is important for Congress to understand that credit unions are fundamentally different than banks and any calls for “parity” on lease issues on the part of banks would create an imbalance. Banks can obtain the same nominal cost leases if they use the proper channels. Their choice to not pursue these avenues is a reflection on them and should not negatively impact the good work that credit unions do for service members on installations.
Anthony Hernandez, DCUC’s President/CEO shared, “DCUC continues to lead industry efforts on issues related to serving our military and veteran credit union members. With that in mind, we sent three joint trade letters to Congress today. We are very thankful for having strong partnerships with both CUNA and NAFCU, as we firmly believe that it is important to maintain healthy working relationships with our fellow trade associations to magnify our voices and get results.”
Additionally, DCUC and NAFCU sent a joint letter to the Committee on Small Business regarding the upcoming hearing on the transition from military service to civilian life and the challenges for aspiring entrepreneurs. The letter urged the Committee to support the introduction of legislation that would remove unnecessary barriers that stand in the way of veterans accessing credit for small businesses by eliminating the member business lending cap for veterans.