WASHINGTON–The Defense Credit Union Council (DCUC) said it remains interested in meeting with members of Congress to explain why it is opposed to the Protecting Consumers from Payment Scams Act, which if enacted would expand the scope of the Electronic Fund Transfer Act (EFTA).
As CUToday.info reported earlier, DCUC said it believes expansion of EFTA could “hinder credit unions' ability to offer innovative payment solutions, which are crucial for competing with larger financial institutions and meeting the needs of service members and their families.”
That remains the case, according to the group’s chief advocacy officer, Jason Stverak, adding DCUC is hopeful a “collaborative” solution can be found.
‘Shouting from the Rooftops’
“This says nothing to improve consumer protection for our members,” said Stverak. “I think it needs to be shouted from the rooftops as much as possible that at the heart of everything what our member (CUs) do is protect their members and ensure that our active duty men and women, as well as veterans, as well as every member of our credit unions, is protected from fraud. We expressed that we are willing to sit down on behalf of our members and bring our members into a meeting with the sponsors of the bill to talk about how we can work together I think we have the same purpose.
“We hope that instead of taking the more punitive expansion of the EFTA, they'll sit down with our members” for some “common sense” steps without the need for legislation,” said Stverak, adding he remains hopeful of a “collaborative” response on the issue.
Also in Washington
Meanwhile, with Congress in Recess until after Labor Day, Stverak also noted:
- The Defense Council’s highest priority remains passage of the National Defense Authorization Act (NDAA) without any of the amendments or language that credit unions oppose.
- It is increasing to a monthly schedule from a quarterly schedule the meetings held by DCUC’s Military Advocacy Committee meetings in order to “be in closer touch with our members.”
- DCUC continues to strongly support legislation that would expand the capacity of credit unions to make business loans to members of the military and veterans. Those loans remain hindered by the Member Business Loan cap at many CUs. Such loans allow many members to transition from the military into new careers, said Stverak. “It does not make sense that we have to send them across the street to another institution because an arbitrary cap,” he said. “You should have the right to walk in and say, ‘I have been a member for 20-30 years and I'd like a little to start a business.’ We should not be forced to send them to someplace new they do not trust.”