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.
NAFCU, CUNA, and the Defense Credit Union Council (DCUC) Tuesday urged the Senate to oppose the effort by Sen. Josh Hawley, R-Mo., to attach his Capping Credit Card Interest Rates Act (S. 2760) as an amendment to a proposed “minibus” appropriations bill.
CUNA, NAFCU, DCUC oppose credit card cap amendment to ‘minibus’ (CUNA News, September 20, 2023)9/21/2023
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.
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.
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?
Over this week, I’ve had the distinct honor of attending the Defense Credit Union Council’s Annual Conference in Colorado Springs. Nothing is more noble than protecting the financial freedom of those who protect our physical freedom, as the NCUA’s Honorable Rodney E. Hood alluded to during his remarks. DCUC’s mission to serve those who serve our country is front-and-center in every event they host. This year the event included another notable session.
GREENVILLE, SC (June 26, 2023) — The Defense Credit Union Council (DCUC) is proud to announce a free webinar designed to equip credit unions with the knowledge and strategies needed to effectively communicate with and best serve military personnel, veterans, and their families. The free webinar, “Speaking Military: Enhancing Credit Union Communication and Support for Military and Veteran Members,” is scheduled for Wednesday, July 12, 2023 at 1pm EDT, hosted by CUInsight.
|