WASHINGTON—The Defense Credit Union Council (DCUC) hosted its 2020 Defense Matters event here with a focus on advocacy priorities that affect servicemembers and veterans.
During the event, DCUC President and CEO Anthony Hernandez identified the top three advocacy priorities for the organization in 2020: FY21 National Defense Authorization Act; H.R. 2305 – Veteran Business Lending Exemption, and H.R. 5050 – Veterans and Consumers Fair Credit Act.
Among the speakers to the event were NCUA Board Member Todd M. Harper, who identified capital and liquidity, cybersecurity and diversity, equity and economic inclusion as his 2020 priorities. Harper said as the world changes and evolves, NCUA must recognize the need to ensure that it focuses on safety and soundness and consumer financial protection, embraces diversity, and appropriately engages with stakeholders to ensure effective and efficient regulation.
Update on Military Members’ Complaints
Jim Rice, assistant director in the Office of Servicemember Affairs with the Consumer Financial Protection Bureau, offered a brief related to military consumer complaints and the importance of advocating for financial literacy. The CFPB introduced the Misadventures in Money Management (MiMM) initiative that allows servicemembers to simulate different life choices though a virtual learning experience. As CUToday.info has reported, that initiative trains servicemembers on how to navigate future financial landmines in a risk free and interactive way.
Another highlight from the Defense Matters event was the introduction of the Armed Forces Financial Guide: Mapping the Military Lifecyle. The guide provides resources for the entire military lifestyle under one cover. It features leave and earning statements, service related and special benefits, PCS moves, healthcare and insurance, retirement plans, transition and separation, and more.
“This guide assists servicemembers and their families with money management and financial planning through each stage of the military lifecycle from enlistment and promotion to separation or retirement,” the Defense Council said.
The financial guide was written by experts at the United States Military Academy and was co-sponsored by DCUC.
DCUC also debuted a video highlighting the Defense Credit Union (DCU) difference and why DCUs do what they do to serve our military and veterans.
‘Life Like No Other’
“Military life is like no other, and our servicemembers put down roots in communities around the world,” DCUC said. “Our DCUs understand the challenges of military life and recognize military life is still real life, real people, who get married, buy homes, have children, and retire. DCUs, through their mission of Serving Those Who Serve Our Country, help servicemembers and veterans achieve the American Dream. It’s about life, family, and community, and DCUC and its member credit unions are here to serve.”