WASHINGTON--The Senate Special Committee on Aging learned about the diverse programs, products, and resources credit unions provide to older Americans in a letter from the Defense Credit Union Council.
DCUC sent the letter in advance of Wednesday's hearing, “Making Washington Work for Seniors: Fighting to End Inflation and Achieve Fiscal Sanity.
In the letter DCUC Chief Advocacy Officer Jason Stverak highlighted defense credit unions’ dedication to serving senior members, including military retirees, veterans, and their families.
DCUC’s letter discussed the services credit unions provide including financial literacy programs covering fraud prevention, retirement planning, and financial counseling; fraud protection to safeguard seniors’ finances and combat scams; tailored financial services such as low-cost loans, fee-free accounts (such as the VBBP), and competitive savings products designed for seniors.
Stverak also emphasized credit unions’ advocacy and community engagement, which regularly centers around supporting policies that enhance financial inclusion and protect against predatory lending.
“We commend the Committee for addressing inflation and fiscal challenges that disproportionately affect seniors,” said Stverak. “Defense credit unions remain committed to helping seniors achieve long-term financial stability and stand ready to partner with policymakers to advance these critical goals.”
Letter To Senate Armed Services Committee
Separately, DCUC sent a letter to the leaders of the Senate Armed Services Committee to share the trade group's priorities and concerns ahead of Daniel P. Driscoll’s confirmation hearing Thursday for Secretary of the Army.
In the letter, Steverak notes defense credit unions play a vital role in the financial readiness of the nation's military community, "a mission directly aligned with the Department of Defense efforts to enhance readiness and resilience among our troops."
Among many points, Stverak says, "Defense credit unions rely on their ability to operate on Army installations to provide accessible, low-cost financial services tailored to the unique needs of military members. However, inconsistencies in base access policies and mounting operational costs threaten our ability to maintain this critical support. We urge the nominee to ensure that the 'one bank, one credit union' policy remains intact and is enforced uniformly across all installations."
Stverak also highlights the CU industry's tax exemption.
"Defense credit unions’ tax-exempt status allows us to reinvest in the military community through lower fees, better rates, and tailored programs. Attempts to undermine this status threaten the financial well-being of soldiers and their families. We seek the nominee’s assurance that the Army will support
credit unions’ ability to deliver these vital benefits."