WASHINGTON—The Defense Credit Council and the Dakota Credit Union Association Monday urged the House Agriculture Committee to address competitive imbalances between CUs and the Farm Credit System (FCS).
The groups sent a letter to the Committee ahead of its upcoming hearing, “Examining the Economic Crisis in Farm Country.”
Both groups called for legislative measures to strengthen rural credit unions, increase oversight of FCS, and adjust lending caps to better support farmers, ranchers, and rural communities.
"Credit unions have stepped in to fill the void left by large financial institutions that have pulled out of rural America, ensuring that local businesses, including farms and ranches, have access to fair and affordable financing. Community focused by nature, credit unions reinvest in their members, keeping rural economies strong and viable," the groups stated in a joint letter to the committee.
DCUC and DAKCU emphasized the critical contributions of community-based financial institutions in sustaining America’s agricultural sector, serving as essential financial partners to farmers, ranchers, and rural communities, many of whom have been left behind by large banks.
Separately, DCUC sent four additional letters to Capitol Hill Monday:
DCUC Called for Clear Digital Asset Guidelines to Support Credit Unions
Ahead of a House Financial Services Committee hearing, DCUC highlighted regulatory challenges in integrating digital assets. DCUC's letter called for clearer guidance from the NCUA, fair access to Federal Reserve payment systems, and regulatory parity to ensure credit unions can innovate while maintaining consumer protections.
DCUC Outlined Challenges Facing Defense Credit Unions Ahead of Senate Committee Hearing
DCUC shared with the Senate Banking Committee how excessive regulation threatens credit unions' ability to serve members. DCUC said it opposes expanding the Community Reinvestment Act (CRA) to credit unions and advocates for preserving NCUA’s independence, enhancing cybersecurity, and expanding lending to veteran-owned businesses.
DCUC Requested Necessary Regulatory Reform to Support Credit Unions
In a letter to the Judiciary Committee, DCUC pushed for reforms to reduce excessive compliance costs that stifle credit unions' growth and innovation. DCUC recommended regulatory sandboxes, streamlined compliance requirements, and improved communication between regulators and credit unions.
DCUC proposed solutions to streamline VA home loan processing, improve GI Bill payment timeliness, and modernize direct deposit systems to ensure veterans receive benefits efficiently.