Provided by Frank Padak, 2nd Vice Chair, DCUC Board of Director and President/CEO, Scott CU
With all of the changes occurring in our industry this year (Co-Op & PSCU Merger, CUNA & NAFCU Merger) I thought it might be fun to reflect back on my time as a DCUC Board Member and the changes I have had the privilege of being a part of. Provided by John McKechnie
December can mean wrapping up a year’s business and looking ahead to the turning of a fresh calendar page. Not so in Washington, as a pile of unfinished business on both Capitol Hill and at the federal agencies means that 2024 is likely to start out looking a lot like 2023 when it comes to defense credit union issues. As 2023 comes to a close, this year also concludes an incredible milestone for DCUC. Sixty years ago, DCUC founders recognized an important voice was missing from within the credit union industry. Credit unions both stateside and abroad wanted to serve, or better serve, our armed forces, veterans, and their families. Yet, the industry lacked a leading association that not only understood the unique opportunities and challenges that accompany military life, but one that could speak military. It was clear to our founders that credit unions needed a strong voice to help elevate their story, mission, and success in serving these important communities.
Both the House and Senate have passed the 2024 National Defense Authorization Act (NDAA) and it is on its way to the President’s Desk.
We are happy to report there was no troublesome language regarding the credit card competition act or anything that would open up the Federal Credit Union Act to last-minute modifications. Based on the events of recent months, with international crises and congressional upheavals dominating the news, it would seem that the “abnormal” is now normal. What does it say about the federal government when a Member of Congress pulls a fire alarm to prevent a vote in the House of Representatives?
As annual dues notices arrive from several industry organizations, it is important to remember a simple formula we use in earning your support: Value + Service + Accountability = Results November is always an important month for DCUC. This time of year, we always measure our performance when reviewing our dues letters and notices for the next calendar year. We take this process very seriously and never take your support for granted.
Earlier this year, DCUC and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the NCUA Board.
In the letter, we asked the NCUA to amend the definition of “qualified charity” as it relates to Charitable Donation Accounts (CDAs) in Part 721.3 of NCUA regulations to include 501(c)(19) veterans’ organizations. Today, our efforts were a great success! 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!
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. 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.
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