WASHINGTON—The Defense Credit Union Council is urging federal officials to ease compliance burdens and clear regulatory roadblocks, sending a letter to FinCEN that backs the agency’s renewal of Bank Secrecy Act information-sharing requirements.
The trade group also is pressing Congress to overhaul housing policies that are straining military families and limiting credit unions’ ability to help.
In its letter to FinCEN Monday, DCUC affirmed the value of the information-sharing framework while urging FinCEN to provide additional resources (training, implementation guides, and improved Points of Contact) to help smaller and mid-sized credit unions manage compliance efficiently.
“We support the renewal of this information collection without change,” said Jason Stverak, DCUC Chief Advocacy Officer. “Nevertheless, FinCEN can enhance the quality, utility, and clarity of the information collected and minimize the burden of the collection of information on respondents. We encourage FinCEN to engage with credit unions and to invest in resources focused on supporting smaller and mid-sized credit unions that may have less staffing and technological capabilities than larger financial institutions have.”
Cut Housing Red Tape, Strengthen Credit Unions’ Impact
DCUC also sent a comprehensive letter to House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters Tuesday ahead of the Committee’s hearing on “Building Capacity: Reducing Government Roadblocks to Housing Supply.”
In the letter, DCUC stressed the severe housing challenges facing communities across America, including service members, veterans, and their families; rising costs that outpace the Basic Allowance for Housing (BAH), limited affordable inventory near bases, and regulatory hurdles that constrain credit unions’ ability to assist.
DCUC responded to all 41 legislative proposals listed for the hearing and urged Congress to modernize outdated rules, strengthen the VA home loan program, and remove barriers that currently limit credit unions’ ability to finance affordable housing.
“If we want to maintain an all-volunteer force, we must ensure that those who serve can afford to live where they serve,” stated DCUC President/CEO Anthony Hernandez.
"[T]he rising cost of housing disproportionately affects military families, particularly those stationed near high-cost urban areas. This issue is exacerbated by the limited availability of affordable housing options, especially rental properties for short-term assignments…while defense credit unions work diligently to ensure credit access, regulatory burdens often create barriers.’ In other words, excessive red tape and compliance costs can increase expenses for lenders and borrowers alike, reducing loan affordability for [credit union] members,” wrote Stverak.