By Ray Birch
WASHINGTON—At a time when Washington debates over credit cards, interchange, and cryptocurrency are growing more consequential for financial institutions, the Defense Credit Union Council (DCUC) is underscoring a message it says is often overlooked in policy fights: When interests align, credit unions and banks can—and should—work together.
That philosophy has taken on renewed urgency as DCUC and the Association of Military Banks of America (AMBA) step up a coordinated campaign against the Credit Card Competition Act (CCCA) and related proposals they warn would undermine military financial readiness. The effort includes joint advocacy on Capitol Hill, a unified letter to congressional leadership, and, more quietly, a rare joint op-ed published this week in American Banker—a banking publication—signed by leaders of both organizations.
For DCUC President and CEO Anthony Hernandez, the cooperation is neither tactical nor temporary. It reflects years of shared work serving the same population—service members, veterans, and their families—even when credit unions and banks sit on opposite sides of other policy debates.
Anthony Hernandez
“DCUC joining forces with AMBA is nothing new,” Hernandez told CUToday.info “Whether it was producing a comprehensive Armed Forces Financial Guide or partnering on the Veterans Benefit Banking Program, at the end of the day it is all about taking care of military, veterans, and their families. General Omuso George (AMBA president and CEO) and I approach our advocacy from the same command tradition: ‘Take care of the troops and the troops will take care of the mission.’"
That shared mission has come into sharper focus as policymakers revisit interchange rules, credit card routing mandates, and proposals such as a nationwide 10% interest-rate cap—ideas Hernandez said could have unintended consequences for the very communities lawmakers say they want to help.
“So, highlighting the hazards of enacting a 10% cap on credit card interest rates and weakening interchange controls, particularly how it impacts military financial readiness, is a responsible thing to do,” he said.
A Unified Front On Financial Readiness
The alignment between DCUC and AMBA is especially notable given the structural differences between defense credit unions and military-serving banks. But George said those differences fade when the discussion turns to readiness and stability for military households.
“AMBA’s military banks and DCUC’s defense credit unions have structural differences, but we are absolutely united in our commitment to the financial well-being of our military community that our institutions support,” George said.
“There is no daylight between Tony and I when it comes to ensuring the financial readiness of our nation’s military,” he added. “AMBA will continue to find areas where we can work with DCUC to deliver the best value for our nation’s heroes. AMBA will continue to find areas where we can work with DCUC to deliver the best value for our nation's heroes."
That unity was on display earlier this month when the two organizations sent a joint letter to House and Senate leadership urging lawmakers to reject the CCCA. The letter warned that mandated routing requirements would cut interchange revenue that supports low-interest, no-annual-fee credit cards, deployment-relief loans, financial counseling, and emergency assistance—services that are particularly critical for junior enlisted service members and military families managing irregular pay and frequent relocations.
The groups also raised alarms about fraud and cybersecurity, arguing that forcing transactions onto merchant-selected networks could weaken payment security for cardholders, including those deployed overseas.
Beyond The CCCA
While the CCCA is the immediate concern, both organizations say the broader lesson extends beyond a single bill. Hernandez noted that policy threats increasingly cut across traditional lines separating banks and credit unions, from payments and fraud to digital finance and access to affordable credit.
That dynamic was reflected in the American Banker op-ed, which framed the CCCA—and parallel calls for interest-rate caps—as risks to access and security rather than consumer wins. The piece argued that restricting responsible lenders does not eliminate credit demand, but instead pushes borrowers toward less regulated, higher-cost alternatives.
As debates over the CCCA and other financial policy proposals continue to intensify, DCUC and AMBA say that cooperation that supports the military mission—rather than siloed advocacy—may prove increasingly necessary to protect the institutions that serve military communities, and the families who depend on them.
DCUC, ACU, ICBA Partner On CCCA Letter
Separately, America’s Credit Unions, the Defense Credit Union Council, and the Independent Community Bankers of America Thursday sent a joint letter to Congress opposing the Durbin-Marshall credit card mandates, warning the proposal would harm consumers, small businesses, and community financial institutions while delivering a windfall to the nation’s largest retailers.