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 Or will the Department of Defense contract be rescinded and then bid back out to another player, likely a bank?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.
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.
Navy Federal Gets Overseas Bank Contract, but NCUA Can’t Insure Deposits (CUCollaborate, October 13, 2023)
Defense Credit Unions ‘Loud and Clear’ in Raising Concerns Over DoD Contract Going to Navy Federal (CUToday, September 27, 2023)
WASHINGTON–Credit unions that operate branches on military bases overseas are not saluting the news that Navy Federal Credit Union has won a Department of Defense contract to operate The Community Bank, which has 60 branches and 275 ATMs on military bases in Europe and in the Pacific.
CUNA, NAFCU, and the Defense Credit Union Council (DCUC) urged Senate leaders to oppose an amendment to the “minibus” appropriations bill that would cap credit card annual percentage rates at 18%. The organizations note it would make credit more expensive and less available.
Reject the Credit Card Competition Act – protect our military’s readiness! (CUInsight, September 19, 2023)
The “Credit Card Competition Act,” S. 1838, as introduced by Senators Dick Durbin and Roger Marshall, represents another financial hazard masked by seemingly good intentions of the retail lobby. Unfortunately, the proposed legislation does nothing to reduce additional costs for consumers and harms working-class Americans. All it really does is secure another round of windfall profits for big box retailers and e-commerce giants. This is unfair and should alarm everyone reading this article.
Joint Release: Financial Services Industry Opposes Effort by Senators Durbin & Marshall to Force Credit Card Routing Mandates into Military Construction, Veterans Affairs Funding Bill (The Electronic Payments Coalition, September 15, 2023)
WASHINGTON, DC— Today, 11 trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, released the following joint statement opposing the effort by Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) to attach their proposed credit card routing legislation (S. 1838) to the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act (H.R. 4366):
COLORADO SPRINGS, CO - What is the Defense Credit Union Council’s (DCUC) view of the proposed merger between CUNA and NAFCU?