WASHINGTON—The Defense Credit Union Council Monday sent four letters to policymakers addressing “critical” financial concerns affecting military and veteran communities and defense credit unions.
Overdraft Protection & CFPB Overreach
DCUC expressed its strong support of H.J. Res. 59, opposing the CFPB’s overdraft rule, in a letter sent to the House Financial Services Committee. DCUC highlighted how the CFPB's overdraft rule misrepresents credit unions’ consumer-friendly practices and threatens financial stability for service members by limiting access to overdraft protection.
Housing Affordability for Military and Veteran Families
DCUC sent a letter to the HFSC Subcommittee on Housing and Insurance ahead of the Subcommittee's upcoming hearing, advocating for improvements to the VA Home Loan Program, adjustments to Basic Allowance for Housing, and greater mortgage lending flexibility for defense credit unions to enhance homeownership opportunities for military personnel and veterans.
Opposition to Maryland’s SB0917
DCUC warned Maryland lawmakers that SB0917 would increase costs for military families by reducing interchange fees that fund fraud prevention and financial security. DCUC stressed how the bill primarily benefits large retailers while imposing financial risks on defense credit unions.
Monetary Policy & Military Financial Stability
DCUC urged the HFSC’s Task Force on Monetary Policy to consider the impact of interest rate fluctuations and liquidity constraints on defense credit unions, calling attention to the need for regulatory stability to protect military families from financial hardship.
DCUC will be hosting its annual Defense Matters advocacy event Tuesday, from 12:00 to 2:00 p.m. at the Marriott Marquis in Washington.