​WASHINGTON–After one member of Congress suggested during a recent hearing that it may be time to require credit unions to comply with the Community Reinvestment Act (CRA), America’s Credit Unions and the Defense Credit Union Council have  responded by suggesting that doing so could reduce access to credit for “vulnerable consumers.”

WASHINGTON– The Defense Credit Union Council (DCUC) has issued a statement in support of Sen. Ted Budd's (R-NC) proposed legislation, "Secure Payments Act of 2024.”'
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The legislation would require the Board of Governors of the Federal Reserve System to study the impacts of the Fed’s proposed rule on debit card interchange fees and routing, and for other purposes.

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DCUC Expresses Support for CFPB Accountability Act

Separately, the Defense Credit Union Council (DCUC) said it supports the Consumer Financial Protection Bureau (CFPB) Accountability Act, which is being championed in Congress of Ranking Member Sen. Tim Scott (R-SC), Sen. Bill Hagerty (R-TN.) and others.

​WASHINGTON–Ahead of meetings in Washington this week by the National Grocers Association, the Defense Credit Union Council has sent a letter to all members of Congress expressing what it said are its concerns with the Credit Card Competition Act (CCCA).

​On Sunday, February 4, our Third Annual Wreath Laying Ceremony at Arlington National Cemetery honored two phenomenal women veterans who are heart survivors. This year’s honorees were Kelsey Danner, a Navy veteran and Tosombra “Tai” Kimes, an Army veteran. Through the generosity of our donors Mr. and Mrs. Travis Carter, Jennifer Hernandez Real Estate, Trish Alegre-Smith Photography, Mr. and Mrs. Todd Mains and the sponsors, Defense Credit Union Council (DCUC), GEICO Military, and Blue Shield Blue Cross FEP Dental and Blue Cross Blue Shield FEP Vision. Following the wreath laying, we celebrated with a reception hosted by Military Hearts Matter at the Military Women's Memorial. Thank you to all those who attended this special event and to our donors that made it possible.

​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 Or will the Department of Defense contract be rescinded and then bid back out to another player, likely a bank?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.

​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).”

​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 Defense Department has awarded a contract to operate the Overseas Military Banking Program to Navy Federal Credit Union, but there is one lingering problem—the NCUA said it cannot insure the credit union accounts in the program.