WASHINGTON, DC (March 25, 2025) |
Today, the Defense Credit Union Council (DCUC) sent a letter to the House Financial Services Committee (HFSC) Chairman French Hill and Ranking Member Maxine Waters ahead of tomorrow’s hearing on reforming the Consumer Financial Protection Bureau (CFPB).
Representing defense and veteran-focused credit unions serving over 40 million members with $500 billion in assets, DCUC highlighted the need for CFPB reforms to ensure effective and accountable consumer protection without imposing undue burdens on credit unions.
DCUC’s letter listed concerns over CFPB overreach, one-size-fits-all regulations, and redundant oversight, which hinder financial services for military and veteran communities.
DCUC also expressed its support of legislative reforms, including restructuring CFPB governance with a bipartisan commission to promote balanced rulemaking; subjecting CFPB to congressional appropriations for greater budgetary oversight; creating an independent Inspector General to enhance accountability; mandating cost-benefit analyses for regulations to prevent unnecessary burdens; and strengthening small business and credit union input in rulemaking.
“Credit unions play a vital role in serving the financial well-being of those who serve our nation, but excessive regulations have made it harder to meet their needs,” says Jason Stverak, DCUC Chief Advocacy Officer. “We encourage Congress to enact commonsense reforms that enhance accountability while preserving access to financial services for military members and veterans.”
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.