WASHINGTON—The Defense Credit Union Council has sent a letter to Russell T. Vought, acting director of the Consumer Financial Protection Bureau, offering a path forward to preserve and strengthen financial literacy programs for the nation’s servicemembers, veterans, and their families.
"In light of the Bureau’s recent decision to curtail the use of civil penalty funds for consumer education…we believe this moment calls for a creative, mission-driven solution. DCUC proposes a public-private partnership with the CFPB to leverage the trusted and proven expertise of defense credit unions in delivering financial education where it is needed most: on bases, in VA facilities, and military communities across the country," DCUC said.
“We understand the Bureau’s discretionary authority over civil penalty fund allocations and appreciate the broader efforts to refocus resources,” wrote DCUC President and CEO Anthony Herrnandez. “However, we share the concern voiced by past CFPB officials that discontinuing financial literacy programming could ‘imperil servicemembers, veterans and their families in the financial marketplace.’ Military life presents unique financial challenges—frequent relocations, deployments, and complex benefits systems—and the need for targeted financial education has never been more pressing.”