WASHINGTON—The Defense Credit Union Council (DCUC) has sent a letter to Sens. Jack Reed (D-RI) and Roger Wicker (R-MS) and Reps. Mike Rogers and Adam Smith urging a clean markup of the 2025 National Defense Authorization Act (NDAA) once Congress reconvenes in September.
In its letter, DCUC called on Congress to protect the credit union industry’s tax exemption by rejecting any attempt to insert language into the proposed NDAA that would open up the Federal Credit Union Act (FCUA) to amend the regulations to allow non-member deposits to receive insurance coverage from the National CU Share Insurance Fund (NCUSIF).
The latter is related to concerns over Navy Federal Credit Union’s efforts this year to have the FCU Act amended to allow the NCUSIF to provide coverage for deposits at The Community Bank, which Navy FCU operates on military bases overseas.
Additional Concerns
Separately:
- DCUC said it “reaffirmed” its opposition to unnecessary provisions that divert attention from maintaining strong military readiness and cautioned that implementing these changes could disrupt the balanced financial services currently provided on military bases to servicemembers by the Department of Defense.
- DCUC voiced its opposition to the Durbin-Marshal Credit Card Competition Act (CCCA) and any CCCA-like amendments or “misleading” study proposals that could pose a risk to consumer protection.
‘Reject Hollow Call’
“Our nation’s defense credit unions understand that now more than ever, we need to put our nation’s servicemembers first and reject the hollow call for new laws that would make basic financial services even more expensive for working-class Americans,” wrote Jason Stverak, DCUC Chief Advocacy Officer.