 Your weekly advocacy update: Stay informed, take action, and champion the voice of America’s defense credit unions! This week, DCUC continued to champion the interests of defense credit unions by sending letters to Capitol Hill defending against tax discussions and providing comments ahead of congressional hearings. We remain focused on ensuring credit unions stay at the forefront of key policy debates and are committed to supporting you and highlighting your critical role in America's financial ecosystem. Stay up to speed as we push forward! Follow along with our weekly announcements here. Top Priorities This Week This week, DCUC sent letters to key congressional committees advocating for critical reforms. DCUC:
DCUC is closely monitoring CRA-like legislation proposals and issues the following statement in response to recent discussions on this topic: "Expanding Community Reinvestment Act (CRA) like provisions to credit unions, as proposed in Section 204 of the American Housing and Economic Mobility Act of 2025, threatens to undermine financial access for vulnerable populations, including military and veteran communities. Credit unions, which already prioritize financial inclusion as not-for-profit, member-owned institutions, were deliberately excluded from CRA requirements because they do not engage in the profit-driven practices the law was designed to regulate. Imposing redundant, costly regulations on credit unions will stifle their ability to serve underserved areas, drive up costs for members, and create bureaucratic obstacles that hinder financial expansion. Rather than burdening credit unions with unnecessary oversight, Congress should focus on reducing barriers to their growth, ensuring that military families and veterans continue to have access to affordable financial services...At the same time, we recognize the need to address the affordable housing crisis and are actively engaging Congress to bring solutions that prioritize consumer protection, effective regulation, and improved housing supply. We strongly support Section 206, which aims to help veterans secure stable housing, and we are committed to working with the bill’s sponsors to improve and strengthen this legislation. NCUA Independence Efforts to consolidate financial regulators appear to be losing momentum, with opposition from key stakeholders, including the ICBA and Treasury officials. However, DCUC remains vigilant, ensuring policymakers understand the importance of an independent NCUA to effectively regulate and support the credit union industry. Potential Government Shutdown We urge your credit union to communicate with your members about available financial assistance programs to mitigate financial stress. See our resource hub for the latest information, tools, and best practices to guide your credit union through the shutdown period. DCUC is committed to providing support, resources, and guidance to help you navigate these uncertain times. The NCUA, along with other federal agencies, has offered a variety of resources that could be invaluable in this situation. To better support our network, we ask that you share your credit union’s government shutdown preparedness plan with us. Whether it involves offering special loan programs, financial education, or other member services, your initiatives can serve as valuable examples for others in the industry. Please submit your plans to [email protected]. Join Our Efforts to Preserve the Credit Union Tax Status
📣 Act now! Let’s present a united front to defend our industry and members! Last week, we sent out this action alert calling for your help to send a strong, united message to Congress that the credit union tax exemption must be protected. Join us now by using the following tools we've prepared to assist your credit union:
Use these links to find your Senators and Representatives. Time is of the essence. We must ensure our elected officials understand that taxing credit unions will harm the very people we serve, our Nation's military personnel, veterans, and their families. Thank you for standing with us in this critical fight. Comments are closed.
|
Categories
All
Archives
April 2025
|
RSS Feed
|
|
Copyright Defense Credit Union Council. All Rights Reserved.