Joint Letter Supporting Senate Amendment 206 to 2024 NDAA

DCUC, CUNA, and NAFCU sent a joint trades letter to Senator Patty Murray (D-WA) expressing our support of the Senate Amendment 206 to the 2024 NDAA. This amendment would help to remove many current constraints and barriers DoD has recently placed on credit unions. It would also aid in increasing proficiency in financial literacy efforts on installations and improve the financial readiness of our Nation’s service members.

The letter highlighted the role credit unions play within the military and veteran communities, referencing a recent poll provided by CUNA that showcases why credit unions should be better supported by the DoD.

"Survey results unambiguously reveal that military households that are credit union members view their credit unions much more favorably than nonmembers view their banks & other service providers across every performance metric evaluated. The differences appear to arise from credit unions’ more consultative approach, more consumer-friendly pricing, thoughtful products and services, and an overall sense of trust fostered by these institutions.

• ​Military households that are credit union members are nearly two times more likely than nonmembers to say they have received personalized financial education/counseling. And they have acted on the advice they received.
• Military households that do not use credit unions are 1.6 times more likely than military household credit union members to say that they have NOT established a financial buffer to meet unexpected expenses.
• Not surprisingly military credit union member households are 1.5 times more likely than nonmembers to say they are “very positive” their financial institution has improved their financial well-being.

 
Polling results detail similar differences across ten other dimensions related to financial well-being including those related to trust, service provision, and community focus.

Given the increased operational tempo along with increasing financial pressure, now more than ever we need to consider how best to serve our nation’s military members. Credit unions have proven their ability to educate military members on how they can secure their financial wellness."
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DCUC will continue to represent the interest of defense credit unions and their members in building better financial readiness while assisting military families in improving their financial health.

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