WASHINGTON--Representatives from the Defense Credit Union Council (DCUC) and AmeriCU, based in New York, spoke with staff from Rep. Claudia Tenney’s (R-NY) office to address the statement Tenney made during the recent American Bankers Association’s Annual Convention about “inequities” between credit unions and banks.
DCUC was represented on the call by Chief Advocacy Officer Jason Stverak, and AmeriCU by President/CEO Ron Belle.
The discussion focused on the critical regulatory distinctions and unique tax status of credit unions, particularly around the Community Reinvestment Act (CRA) requirements, DCUC said.
The call follows DCUC's recent letter sent to Tenney, where the trade group highlighted the "enduring differences" between credit unions and banks and how these distinctions ensure access to fair, member-centric financial services.
Belle shared his perspective as a defense credit union leader, discussing the essential value credit unions provide to military and underserved communities—benefits that are further made possible by credit unions' unique tax status and not-for-profit mission.
“Credit unions are rooted in member-focused, not-for-profit values that empower individuals to access affordable financial services,” Belle said. “The credit union tax status allows us to continue serving those who need it most, especially military and veteran communities. AmeriCU appreciates Congresswoman Tenney’s willingness to discuss the important mission defense credit unions serve for America’s service members and communities.”
"It was a positive meeting and Tenney's staff agreed to continued discussions on this topic as Congress begins to have discussions on the Tax Cuts and Jobs Act, which will be expiring at the end of next year," Stverak said.