DCUC Tells New Administration How It Can Help Servicemembers, CUs (CUToday, November 6, 2024)

​WASHINGTON—The Defense Credit Union Council has sent a letter to President-Elect Donald Trump highlighting key areas where his administration can make a “substantial impact” on the lives of servicemembers, veterans and their families.

In addition to congratulating Trump on his win, DCUC asked for a meeting to discuss critical issues facing defense credit unions and the communities they support.

DCUC’s letter outlined its top advocacy priorities to support the financial well-being of military members, veterans and their families:

Enhancing Financial Readiness at the Department of Defense: Enhancing financial education for service members and integrating defense credit unions into the Department of Defense’s financial readiness programs. “This would improve financial stability and shield members from predatory practices,” DCUC said.

Protecting Defense Credit Unions from Excessive Regulation/Maintaining NCUA’s Independence and Budget Discipline: Ensuring budget discipline within the National Credit Union Administration, opposing the expansion of the Community Reinvestment Act to credit unions, advocating for proportionate oversight from the Consumer Financial Protection Bureau, and working with the Treasury Department on credit card interchange regulation to preserve affordable credit options.

Opposing the Durbin-Marshall Credit Card Competition Act: Voicing concerns about this legislation, which could impose new credit card routing restrictions, potentially increasing costs and limiting service options for military families.

Safeguarding Credit Union Tax Status and Base Access for Financial Services: Preserving credit unions’ tax-exempt status to ensure affordable services for underserved military communities and maintaining the “one bank, one credit union” policy to provide trusted, accessible financial services on bases.

Supporting Veteran Entrepreneurship: Expanding member business lending capacity to support veteran-owned small businesses and promote local economic growth.

Advocating for National Data Privacy Standards: Promoting uniform data protection standards for all organizations handling consumer data to secure service members' and veterans' information against fraud and identity theft.

“DCUC remains committed to ensuring military and veteran communities have access to essential financial services,” said Anthony Hernandez, DCUC president/CEO. “We have requested a meeting with President-elect Trump or his transition team to discuss how we can work collaboratively to advance these goals and enhance financial readiness and opportunity for those who serve.”