WASHINGTON– The Defense Credit Union Council hosted its fourth quarter Military Advocacy Committee (MAC) meeting at which DCUC President/CEO Anthony Hernandez provided an update on legislative and regulatory progress in addition to several advocacy wins for 2022.
Hernandez discussed a variety of topics pertaining to bills passed or recently introduced, as well as regulatory and executive branch proposals and accompanying concerns.
Among the issues addressed by Hernandez:
- The FY2023 National Defense Authorization Act (NDAA), which awaits a vote in Congress. DCUC said its collaboration with industry partners and state leagues lead to successfully advocating for the removal of the Credit Card Competition Act (CCCA) in the Senate version of the NDAA. “This was a huge success in ensuring credit unions and the military communities they serve remain protected and well-supported,” DCUC said, adding it remains vigilant of future attempts to attach this amendment, or similar harmful language, to the NDAA as it approaches the Senate floor in the lame duck session of Congress.
DCUC said among the other notable successes under the NDAA are the inclusion of an amendment supporting the extension of the Central Liquidity Facility, the removal of the third-party vendor oversight authority for NCUA, and removal of an amendment requiring a DoD briefing on why banks are treated differently than credit unions.
- FY2022 National Defense Authorization Act (NDAA). According to DCUC, the HASC Directed Study on Military Access to Financial Institutions offered a “big win” for credit unions as it proved military members are not deprived when banks leave installations.
- Secretary of the Army Policy on Financial Readiness Training. DCUC said it successfully advocated to exclude credit unions from this policy. “The language included within this policy contradicts credit union on-base operation agreements which specifically state that they shall provide financial education to servicemembers,” the organization said.
Additional Concerns
Hernandez also touched on several ongoing concerns, including the Military Lending Act and resurgence of GAP restrictions, termination clauses and solicitations, USAA & first Command Incursions, S. 2508 Veterans and Consumers Fair Credit Act, S. 1838 Building Credit Access for Veterans Act, H.R. 7003 Expanding Financial Access for Underserved Communities Act, H.R. 1491 - Fair Debt Collection Practices for Servicemembers Act, and Charitable Donation Accounts.
“The Military Advocacy Committee brings our members together to continue collaborating as we strive to champion the needs and best interest of military and veteran communities,” said Hernandez.
The MAC will next meet at the Defense Matters Forum on Feb. 26, 2023 at the Marriott Marquis in Washington, DC. For info: dcuc.org/MAC.
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