WASHINGTON--The Defense Credit Union Council (DCUC) is urging the Senate Banking, Housing and Urban Affairs Committee to address "regulatory overreach" by the Consumer Financial Protection Bureau, which could harm military service members and their families.
In a letter sent to Chairman Sherrod Brown (D-OH) and Ranking Member Tim Scott, DCUC Chief Advocacy Officer Jason Stverak raises concerns over CFPB policies on overdraft protection, credit card late fees, and data-sharing rules. DCUC proposed reforms, including a bipartisan leadership structure and congressional funding oversight, to ensure CFPB accountability and protect vital financial services for military communities.
DCUC called on the Committee to prioritize these reforms during CFPB Director Rohit Chopra’s testimony Wednesday, and emphasized the need to balance consumer protection with the operational realities of community-focused credit unions.“DCUC remains committed to working with Congress and the CFPB to protect consumers while ensuring that financial institutions serving military communities can continue to provide essential services,” said Stverak.