DCUC Highlights Credit Unions' Innovative Service to Military and Veterans Ahead of HFSC 12.4.2024 Hearing

​WASHINGTON, D.C. – Today, the Defense Credit Union Council (DCUC) sent a letter to the House Financial Services Committee ahead of the committee’s hearing titled “Innovation Revolution: How Technology is Shaping the Future of Finance,” scheduled for Wednesday, December 4, 2024.

In the letter, DCUC Chief Advocacy Officer Jason Stverak highlights the unique mission of defense credit unions in serving active-duty service members, veterans, and their families. Stverak outlines how these credit unions leverage innovative technologies to address the distinct challenges of military life, such as frequent relocations, extended deployments, and the need for rapid financial access during emergencies.

“Defense credit unions are essential to ensuring the financial readiness of our military community. Through cutting-edge technologies and a commitment to accessibility and security, our member credit unions continue to empower service members, veterans, and their families to better thrive financially despite the challenges that accompany military life,” says Stverak.

DCUC’s letter lists several areas where defense credit unions are leading the charge in leveraging financial innovation and technologies, such as mobile banking, digital lending solutions, advanced cybersecurity, and personalized financial wellness tools, to meet the unique financial needs of military families and support their long-term financial readiness.

DCUC also identified challenges that must be overcome such as limited connectivity at remote installations, evolving cyber threats, and outdated regulations to best support the military and veteran communities. DCUC recommended solutions such as enhanced public-private cybersecurity collaboration, improved financial infrastructure, and regulatory modernization to promote innovation and accessibility.

“Defense credit unions play a pivotal role in the financial stability of military and veteran families, and our nation’s military readiness. We are honored to advocate for policies that support defense credit unions’ ability to continue ensuring these communities have access to secure, innovative financial services tailored to their unique needs,” said Anthony Hernandez, DCUC President/CEO.
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DCUC stands ready to collaborate with the House Financial Services Committee to advance solutions that support military and veteran families while strengthening the financial sector.

For more information about DCUC’s advocacy, visit dcuc.org/advocacy.