WASHINGTON–The Defense Credit Union Council hosted its second quarter Military Advocacy Committee (MAC) meeting, during which DCUC President/CEO Anthony Hernandez and Total Spectrum’s John McKechnie discussed issues pertaining to military and veteran communities and provided updates on ongoing concerns.
Among the issues discussed:
- HASC Directed DoD Study on Military Access to Financial Institutions. The DCUC noted the DoD was asked by Congress to submit a report looking at the availability of financial services on military installations. DCUC said it does not oppose this study and maintains that no military member is deprived of access to financial services when banks choose to leave an installation. Additionally, DCUC stressed that banks can and should use the regulatory process for obtaining in-kind consideration.
- Expanding Financial Access for Underserved Communities Act. TheDCUC said it is focused on getting the Federal Credit Union Act updated to open more opportunities to serve the un- and underbanked, many of whom are veterans. DCUC is already working with the VA through their VBBP Program to address some of these issues and will continue working to help these underserved communities.
- Charitable Donation Accounts. According to DCUC, currently, Charitable Donation Accounts can only make donations to 501(c)3 organizations. Many military and veteran organizations are 501(c)19 charities, which makes them ineligible to receive these funds. DCUC said it would like to see the regulation changed, as these organizations’ missions are so closely aligned with defense credit unions. The issue was discussed at length during DCUC’s Defense Matters Broadcast, when Hernandez sat down with NCUA Vice Chairman Kyle Hauptman to discuss this issue. For info: at admin@dcuc.org.
- Veteran Business Lending Exemption: DCUC said it continues to work to improve access to capital for veterans, who are continually denied loans at higher rates due to the low amounts they request and lack of credit history. Language has already been introduced in the Senate, and DCUC is actively advocating for it to be introduced in the House.
One Point Emphasized
The Defense Council noted that throughout the meeting, Hernandez stressed the importance of grassroots campaigns and partnership among the credit union trade associations, leagues, and other industry partners.
The next meeting of DCUC’s Military Advocacy Committee will be July 11 at 2:30 p.m. ET.