Status
The Department of Defense Report on Access to Financial Institutions on Military Installations was submitted to the Senate Armed Services Committee (SASC) and the House Armed Services Committee (HASC) on July 28, 2022. The report demonstrates that servicemembers and their families are not limited in their options for access to financial services on-base, online, and off-base.
Our Position
DCUC continues to emphasize two important details in DoD’s report:
DCUC will cite DoD’s report in changing DoD’s financial management regulation to allow credit unions to tailor their footprint on base to meet financial needs in the 21st Century.
Background
In the National Defense Authorization Act for Fiscal Year 2022, the House Armed Services Committee (HASC) directed the Secretary of Defense to conduct a study on financial institutions on military bases looking at availability, ability to choose, federal policies and regulations, and in-kind value of services.
The HASC directed a non-binding report language submitted by Rep. Stephanie Bice (R-OK) which directed the Secretary of Defense to submit a report to the Committee of Armed Services of the Senate and House of Representatives, not later than July 1, 2022, on the following:
Resources
Handouts of DCUC's current advocacy priorities are available for download. These handouts include information on each advocacy priority and talking points you can use when contacting your state representatives and senators.
The Department of Defense Report on Access to Financial Institutions on Military Installations was submitted to the Senate Armed Services Committee (SASC) and the House Armed Services Committee (HASC) on July 28, 2022. The report demonstrates that servicemembers and their families are not limited in their options for access to financial services on-base, online, and off-base.
Our Position
DCUC continues to emphasize two important details in DoD’s report:
- No military member is deprived of access to financial services when banks choose to leave the installation.
- Mobile and online banking have become more prevalent in the 21st Century. Brick and mortar branch offices are becoming obsolete and expensive to maintain. Banks can and should use the regulatory process for obtaining in-kind consideration.
DCUC will cite DoD’s report in changing DoD’s financial management regulation to allow credit unions to tailor their footprint on base to meet financial needs in the 21st Century.
Background
In the National Defense Authorization Act for Fiscal Year 2022, the House Armed Services Committee (HASC) directed the Secretary of Defense to conduct a study on financial institutions on military bases looking at availability, ability to choose, federal policies and regulations, and in-kind value of services.
The HASC directed a non-binding report language submitted by Rep. Stephanie Bice (R-OK) which directed the Secretary of Defense to submit a report to the Committee of Armed Services of the Senate and House of Representatives, not later than July 1, 2022, on the following:
- The availability of financial services institutions on military installations.
- The degree to which servicemembers and other personnel who live or work on military installations can choose between different financial services providers, including banks and credit unions on military installations.
- Federal policies and regulations impacting access for financial services providers that seek to offer their services on military installations.
- A description of how the Department calculates the in-kind value of services provided by financial institutions on military installations, and whether the in-kind value calculated for these services can be used to partially or fully satisfy the fair market value requirement for leasing non-excess property on military installations pursuant to section 2667 of title 10, United States Code.
Resources
Handouts of DCUC's current advocacy priorities are available for download. These handouts include information on each advocacy priority and talking points you can use when contacting your state representatives and senators.