Advocacy in Action: Strengthening the DCUC Footprint on Capital Hill

We’re growing in terms of our footprint, not only in serving the interests of our members and defense credit unions but the entire industry as a whole. We’re increasing our MAC tempo with plans to hold more meetings and strengthen our advocacy for more success on behalf of our members. DCUC is already laying the groundwork for our future advocacy roadmap and ensuring the Council and its members are well-heard within the Capital.

Recent Action…

• DCUC supported the Department of Veteran Affairs’ Temporary Local Variance for Certain Buyer-Broker Charges: “DCUC commends the VA for making this important decision. This variance will provide deserving service members and veterans better opportunities to use their VA benefits when purchasing a home.”
• DCUC voiced its support of Ranking Member Tim Scott (R-S.C.), Senator Bill Hagerty (R-Tenn.), and their colleagues on the Banking Committee for their introduction of the “Consumer Financial Protection Bureau (CFPB) Accountability Act.”
  • This proposed legislation would enhance the CFPB’s accountability by mandating that its funding be subject to annual appropriation by Congress: “Implementing a standard congressional appropriations process for the CFPB will guarantee that the interests of consumers are consistently represented and safeguarded within the financial marketplace.”
• DCUC successful in opposition to unrelated 2025 NDAA amendments; since early May, DCUC has actively engaged with Congress on this concern, sharing the full perspective of the credit union industry while highlighting potential adverse impacts associated with the proposed amendments.
  • On June 21, DCUC and ACU sent a joint letter to The Honorable Jack Reed, Chairman, and The Honorable Roger Wicker, Ranking Member, of the Senate Armed Services Committee urging the committee reject any unrelated credit union amendments to the 2025 NDAA
• DCUC provided its statement of support of Senator Ted Budd's (R-NC) "Secure Payments Act of 2024:
  • It’s important that credit unions are provided with accessible financial resources, especially in underserved communities nationwide. Recent months have highlighted how limitations on debit interchange fees impact these resources, and consequentially, consumers’ financial security,” said Jason Stverak, DCUC Chief Advocacy Officer. “DCUC fully supports Senator Budd’s call for a study of the interchange fee cap because of these reasons.”
• DCUC sent a letter to Senator Elizabeth Warren (D-MA) and House Representative Emanuel Cleaver (D-MO) reaffirming its opposition to the Community Reinvestment Act-like (CRA) language as proposed in Section 204 of the “American Housing and Economic Mobility Act of 2024.”
  • DCUC stated how credit unions were not originally included in the CRA when it was established in 1977 due to their history of meeting the needs of underserved communities.
• DCUC sent a letter to the Honorable Cathy McMorris Rodgers, Chair, and the Honorable Frank Pallone, Ranking Member, of the House Committee on Energy and Commerce, expressing its concerns with the proposed “American Privacy Rights Act of 2024.”
  • “Other than data security, it is unclear whether credit unions already in compliance with these laws will be exposed to new lawsuits despite GLBA compliance,” stated Jason Stverak, DCUC Chief Advocacy Officer. “Additionally, we are concerned about the expansion scope and legal uncertainties that would arise from the adoption of the individual right of action proposed by the legislation.”
    DCUC continued by emphasizing the need for clarity on whether the legislation will impose comparable data security standards on merchants as it does on financial institutions.
  • “Merchants have a larger role in safeguarding data as consumers have fewer opportunities to opt out when purchasing goods and services. Overall, the American Privacy Rights Act has the potential to create market uncertainty, particularly in educating consumers about their rights to opt out of data collection.”

Happening Now…

• Continuing to oppose:
  
  • passage of Credit Card Competition Act (CCCA) in all “must pass legislation” in both houses of Congress*
    
• DCUC continuing to lead with the Military Banking Program Improvement Act of 2024*
  
• DCUC urging Congress to Preserve Credit Union Industry's Tax Exemption: read more here!
  
  • "Taxing credit unions would undermine their mission and greatly hinder their ability to serve military and veteran communities, particularly in places where traditional banks have previously withdrawn,” said Hernandez. “Upholding the current credit tax exemption is essential to preserving service member access to financial services for our troops.”

Looking Ahead…

• DCUC sent a letter to Senators Charles Schumer and Mitch McConnell opposing Proposal for NDAA Study; Exploiting Our Nation’s Heroes and the Credit Card Competition Act (CCCA).