Weekly Watch: February 7, 2025

Your weekly advocacy update: Stay informed, take action, and champion the voice of America’s defense credit unions!

It's been an exceptionally busy week in terms of DCUC's advocacy efforts. We've sent several letters to congressional committee offices, attended multiple hearings and meetings on Capitol Hill, and hosted discussions with the press and our Military Advocacy Committee on pressing issues.

We also want to thank each of you who have sent letters to your state Representatives and Senators. Our goal is to best support you and your members. Please do not hesitate to contact me or our team with any questions or concerns.

Top Initiatives This Week
​In our letter to the House Small Business Committee (SBA), we urged the committee to support the Veterans Member Business Loan Act (VMBLA), which would exempt veteran business loans from the 12.25% lending cap. Read more here.

• This move would enhance access to capital for veteran-owned businesses without taxpayer cost, fostering economic growth and job creation, and allowing credit unions to better serve these communities.

Addressing financial security & debanking concerns, DCUC wrote to the House Financial Services Committee (HFSC) and House Oversight and Investigations Subcommittee. Read our letter here.

• DCUC's letter shared concerns about debanking —where financial institutions unfairly restrict services, disproportionately affecting veterans and small businesses. DCUC emphasized the critical role credit unions play in ensuring financial inclusion and stability.

DCUC Requests Senate to Address Barriers Facing Credit Unions Supporting Rural America – DCUC urged the Senate Agriculture Committee to support credit unions in rural America by leveling the playing field, expanding agricultural lending exemptions, and promoting rural financial partnerships. Read our letter here.

DCUC Calls for Reconsideration of Proposed 10% Interest Rate Cap – In a letter sent to Senators Sanders and Hawley, DCUC warned the proposed cap could limit credit access for military families, pushing them toward predatory lenders. DCUC has requested a meeting to discuss solutions that balance consumer protection with financial readiness.

DCUC Commends Senate Leadership in Advocating for Military Financial Stability – DCUC commended Senate leaders for addressing rising military housing costs and reaffirmed its commitment to protecting VA Home Loan benefits. DCUC stressed the dangers of overregulation and threats to credit unions’ tax-exempt status, which could reduce financial options and prosperity for servicemember and veteran communities. Read our letter here.

DCUC Applauds Congressman Roger Williams’ Effort to Repeal Section 1071 of Dodd-Frank Act – DCUC supports Congressman Roger Williams’ bill to eliminate excessive data collection requirements that burden small business lending, particularly for military and veteran-owned businesses. Read our letter here.

DCUC Supports H.R. 975 to Modernize Credit Union Governance Requirements – DCUC expresssed its support of the Credit Union Board Modernization Act H.R. 975, which would allow greater flexibility in board meeting requirements, reducing operational burdens while maintaining strong governance. Read our letter here.

• “We expect the full House to pass this legislation on the suspension calendar next week and strongly encourage every member of the house to vote for its passage.” If approved, DCUC will call on the Senate to swiftly advance the bill, strengthening financial readiness for military communities and enhancing credit unions’ ability to serve them effectively.

Join Our Efforts to Preserve the Credit Union Tax Status

📣 Act now! Let’s present a united front to defend our industry and members!
DCUC is actively pushing back on these false narratives and tired reasoning; see recent attacks published on the Washington Post, Punchbowl News, and American Banker. Congress needs to hear from you on this issue.

Please use this member letter to contact your state Representatives and Senators. We also encourage each of you to prepare and discuss with each of your Leagues.

As the new Congress takes shape and budget reconciliation debates intensify on Capitol Hill, we will continue to actively counter these and other banker attacks on our industry and keep you updated as this situation unfolds.

Advocacy Discussions
A Tax On Credit Unions Is A Tax On Our Military, featured on CU Today
We've been warning that this fight was brewing, and anticipated things would unfold quickly once the new Congress was confirmed.

Our latest opinion piece, A Tax on Credit Unions Is a Tax on Our Military, was published this week in CU Today. In this article, DCUC responds to the ICBA's new lobbying proposal targeting credit unions with assets over $1 billion.

We've already shared this story with House and Senate Committee leaders, and our staff is working to publish additional articles to defend against bank lobbyists' efforts to change this regulation.

Read more here.
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If you have any questions, concerns, or wish to discuss these or other advocacy matters, please do not hesitate to Jason Stverak, DCUC Chief Advocacy Officer at [email protected] or 202.557.8528.