WASHINGTON—With a flurry of activity within the new Administration and Congress, the Defense Credit Union Council has stepped up efforts to communicate with key policymakers.
The trade group reported that it recently sent several letters to members of the House and Senate, addressing issues that include the Credit Union Board Modernization Act and the proposed 10% credit card interest rate cap.
Below are overviews of each letter:
DCUC Supports H.R. 975, A Bill To Modernize Credit Union Governance Requirements
DCUC said it supports the Credit Union Board Modernization Act H.R. 975, which would allow greater flexibility in board meeting requirements, reduce operational burdens and maintain strong governance. The bill is expected to be passed by the House soon.
“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,” DCUC stated. “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.”
In a letter to House Reps. Juan Vargas and Bill Huizenga, Jason Stverak, DCUC chief advocacy officer, stated: "Credit unions, particularly those serving military communities, operate under a cooperative structure that prioritizes member service and financial readiness. However, the current requirement for monthly board meetings can present unnecessary operational burdens, particularly for smaller credit unions and those with geographically dispersed board members. By providing flexibility in meeting frequency, H.R. 975 ensures that credit unions can focus on strategic decision-making and governance while continuing to provide critical financial services to their members. This reform is especially relevant for defense credit unions, which serve military installations worldwide and often have board members who are themselves active-duty service members or veterans. Granting boards the flexibility to determine their meeting schedules based on operational needs rather than a rigid statutory mandate will enhance their ability to address challenges while remaining accountable to their membership."
DCUC Requests Senate to Address Barriers Facing Credit Unions Supporting Rural America
DCUC said it is urging 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.
DCUC Calls For Reconsideration Of Proposed 10% Interest Rate Cap
DCUC wrote to Sens. Bernie Sanders (I-VT) and Josh Hawley (R-MO) “warning” that the proposed 10% credit card interest rate cap could limit credit access for military families, pushing them toward predatory lenders. DCUC said it 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, the trade association said. DCUC stressed the dangers of overregulation and threats to credit unions’ tax-exempt status, which could reduce financial options and prosperity for service member and veteran communities.
DCUC Applauds Roger Williams’ Effort To Repeal Section 1071 Of Dodd-Frank Act
DCUC said it endorsed Rep. Roger Williams’ (R-TX) bill to eliminate excessive data collection requirements that burden small business lending, particularly for military and veteran-owned businesses.
To read the full letters, click here.