WASHINGTON--The House of Representatives has released the official text for the Servicemember Quality of Life Improvement and National Defense Authorization Act (NDAA) for Fiscal Year 2025 and the legislation does not include the Durbin-Marshall Credit Card Competition Act (CCCA), or any related study proposals that could give rise to similar regulations, the Defense Credit Union Council (DCUC) reported.
"Throughout 2024, DCUC has proactively championed efforts to ensure a clean NDAA free of provisions that could undermine the credit union industry or jeopardize the financial well-being and readiness of our nation’s military and veterans. These efforts included sending multiple letters to Congress and engaging in direct advocacy against harmful legislative proposals. DCUC also worked hard to counter calls for changes to the Federal Credit Union Act (FCUA) that would allow credit unions to accept non-member deposits and provide non-member share insurance, warning of the potential negative impact to the industry’s tax exemption," DCUC said.
“DCUC has consistently been the strongest advocate for ensuring a clean NDAA that supports the financial well-being of servicemembers and veterans,” said DCUC Chief Advocacy Officer Jason Stverak. “We will continue to counter harmful amendments and protect the credit union industry’s ability to serve these vital communities.”
“This year we faced multiple attempts to introduce harmful language into this must-pass legislation. Thanks to the unwavering support of our member credit unions and our dedicated advocacy, we have successfully protected servicemembers’ and veterans' financial wellbeing, the integrity of the FCUA, and the tax-exempt status of credit unions,” said Anthony Hernandez, DCUC president/CEO. "As the House and Senate continue to discuss their respective versions of the NDAA, DCUC remains vigilant. We will monitor the fiscal year 2025 NDAA closely as it moves toward the President’s desk. This victory demonstrates the importance of unity and proactive advocacy in protecting the credit union industry and the communities we serve.”