WASHINGTON, DC (June 10, 2025) |
As Congress advances work on the National Defense Authorization Act (NDAA)—the most consequential bill for U.S. national security—the Defense Credit Union Council (DCUC) is making one thing clear: financial readiness is mission readiness, and no one is more equipped to deliver it than America’s defense credit unions.
Yesterday morning, DCUC sent a letter to the leadership of both the House and Senate Armed Services Committees, outlining urgent legislative priorities that directly impact the financial security of service members, veterans, military families, and DoD personnel.
“Defense credit unions don’t just support the mission—we’re embedded in it,” said Anthony Hernandez, DCUC President/CEO and retired Air Force Colonel. “We support deployed servicemembers, their families on the home front, and help veterans build new lives. This year’s NDAA must recognize and reflect that reality.”
DCUC’s letter outlined eight key priorities, all rooted in decades of experience representing and sharing the unique and critical impact that defense credit unions bring to our armed forces and their communities:
Preserving Credit Unions’ Not-for-Profit Tax Status: Credit unions reinvest over $22 billion annually in direct financial benefits to their members. Changing or removing the credit union tax status would devastate access to affordable financial services for base populations and military families both stateside and abroad.
Opposing Harmful Interchange Proposals: A rigid 10% interest rate cap would cut off responsible credit access for military families, pushing them toward predatory lenders. Defense credit unions already operate under a fair and effective 18% cap.
Rejecting Recycled Attempts to Attach the Credit Card Competition Act (CCCA) to NDAA: This retailer-backed proposal would gut fraud protections, kill rewards programs, and strain small credit unions—especially those serving military communities. DCUC continues to push back on this harmful legislation with each and every attempt, whether targeting the NDAA or other must-pass legislation.
Supporting the Veterans Member Business Loan Act (VMBLA):
Veterans deserve better access to capital. This bill would empower credit unions to invest in veteran-owned businesses without arbitrary lending caps. DCUC has elevated this need to Congress for years and is grateful for the momentum of bipartisan support we’ve seen take place in the last year. But we must keep pressing forward to get this initiative to the finish line for our Nation’s veterans!
Advance the Military Financial Services Protection Act:
This bill would establish a formal Advisory Committee within DoD, giving installation-level financial institutions a voice in critical policy decisions. We commend Congressman and HFSC Chairman French Hill for his leadership in introducing this legislation as well as the collaborative efforts working with the Association of Military Banks of America (AMBA).
Protecting Access to On-Base Financial Services:
DCUC is calling for annual DoD reporting on base-level financial access and streamlined overseas branch approvals under SOFA agreements.
Supporting the VA Home Loan Awareness Act:
One-third of eligible veterans are unaware of their VA loan benefits. This simple disclosure fix ensures they aren’t left behind in the housing market. We’re grateful to have collaborated with leaders such as Congresswoman De La Cruz to educate and share how the importance of this legislation.
Authorizing State-Chartered Credit Unions to Accept Public Funds:
This change would expand liquidity for military-adjacent communities and support more robust government financial partnerships.
Why This Matters
DCUC represents more than 180 defense-serving credit unions with more than 40 million members—including active-duty servicemembers, Guard and Reserve units, veterans, DoD civilians, and their families. These not-for-profit cooperatives operate on or near more than 300 military installations worldwide, providing tailored, mission-critical financial services that enhance readiness, build financial resilience, and strengthen national defense infrastructure.
“No one understands the link between financial readiness and national defense better than the credit unions that serve our military every day,” says Jason Stverak, DCUC Chief Advocacy Officer. “These priorities aren’t just policy—they’re the product of decades of service, sacrifice, and sustained commitment to those who wear the uniform.”
DCUC’s Call to Action
As Congress considers amendments to the NDAA, DCUC strongly urges lawmakers to: • Reject harmful proposals like the Hawley-Sanders rate cap and the CCCA;
- Embrace common-sense reforms like the VMBLA and the Military Financial Services Protection Act;
- And above all, ensure that financial institutions aligned with the mission of service are empowered—not penalized—in this year’s NDAA.
DCUC stands ready to meet with members of Congress and staff to discuss these priorities and reinforce the vital role defense credit unions play in our national security readiness and success.