WASHINGTON—Will the awarding of a contract to Navy FCU to provide banking services on military bases stand? Or will the Department of Defense contract be rescinded and then bid back out to another player, likely a bank?
It's a critical debate right now, according to the president and CEO of the Defense Credit Union Council, who said the decision by the DoD to award the contract to provide those services to the world’s largest credit union has created considerable controversy, contending it is possible the current agreement with the Department of Defense and Navy FCU will not stand.
Take a moment and think about your own path; surely you can identify a mentor that had an impact on the trajectory of your career. When I look back on my career, both in the technology industry and the credit union industry, I can think of several. So, when Tony asked whether I’d be a mentor for one of the Crashers at the recent DCUC Annual Conference in August, I excitedly accepted. Though we didn’t have too much time together (our schedules are all PACKED!), we did share introductions, including career paths and aspirations, met for lunch, and checked on each other multiple times throughout the conference. We also followed up after the conference with promised communication specific to topics we discussed at the conference. A very positive experience if you’ve never participated!
Navy FCU Seeking Meetings on Capitol Hill Over NCUSIF Coverage of Bank’s Deposits (CUToday, October 18, 2023)
WASHINGTON–Navy Federal Credit Union has reached out to Capitol Hill seeking assistance in resolving an issue related to deposit insurance and a contract Navy FCU has won to operate bank branches on military bases.
CUToday.info has obtained a copy of a letter Navy Federal has sent to Sen. Jack Reed (D-RI), chairman of the Senate Committee on Armed Services, in which the credit union states an “issue” with NCUA “threatens to undermine our ability to provide deposit insurance to servicemembers’ accounts in the Overseas Military Banking Program (OMBP).”
Defense CU Council Raises Concerns, Legal Issues Related to Awarding of Contract to Navy Federal as Other Defense CUs Push Back (CUToday, October 16, 2023)
WASHINGTON–On behalf of numerous defense credit unions, the Defense Credit Union Council (DCUC) is publicly voicing strong concerns over the awarding of a contract to Navy FCU to provide banking services on military bases, filling a void created when Bank of America chose not to bid on the contract.
The September melodrama over a federal government shutdown may have overshadowed other important defense-related issues in the headlines, but DCUC has stayed focused on the essential matters at hand that are important to you, our members, as the calendar moves to October.
The Consumer Financial Protection Bureau (CFPB) was on the hot seat in the Supreme Court October 3 as oral arguments in the case challenging its constitutionality and funding began.
In the case being heard, the Community Financial Services Association (CFSA) is seeking to block the enforcement of
Consumer Financial Protection Bureau rules designed to restrict payday lending products. The CFSA is arguing that Congress violated the Constitution’s appropriations clause when it granted the CFPB a portion of the Federal Reserve’s operating budget. The US Fifth Circuit Court of Appeals found in favor of the CFSA, using language suggesting that only funds appropriated through the annual Congressional process are legal.
Navy Federal Gets Overseas Bank Contract, but NCUA Can’t Insure Deposits (CUCollaborate, October 13, 2023)
For over 60 years, DCUC has successfully advocated for all credit unions serving our military and veteran communities across the globe. No other trade association accomplishes this important mission quite like DCUC. We are proud to do so and remain confident and firm in our mission no matter the situation. As part of this mission, DCUC is always ready to champion innovative solutions that enable our member credit unions to better serve our Nation’s military, veterans, and their families. Yet, innovation needs to still comply with existing rules and regulations that are in place to ensure the security of those we serve.
DCUC President/CEO Anthony Hernandez pictured with Representative Chris Croft, Kansas House Majority Leader; Michael Augustine, President/CEO at Frontier Community CU; and Michael Murray, Executive Director at Kansas Credit Union Association. Photo provided by DCUC
OVERLAND PARK, KS – The Defense Credit Union Council (DCUC) successfully concluded its 2023 Midwest Sub-Council Conference held October 3-5. This year’s conference, co-hosted by Frontier Community CU, focused on important topics including speaking military, advocacy and industry updates, cybersecurity, financial management systems, and DCUC’s vision for the future.