WASHINGTON, DC (April 20, 2026) |
The Defense Credit Union Council (DCUC) recently submitted a letter to Acting Director Vought regarding the Consumer Financial Protection Bureau’s proposed FY 2026–2030 Strategic Plan.
DCUC expressed support for the Bureau’s vision of fostering innovative, resilient consumer financial markets, noting that credit unions are inherently aligned with consumer protection through lower costs, better rates, and a focus on financial literacy. DCUC’s comments focused on three key goals:
Addressing threats to consumers: DCUC urged the CFPB to prioritize fraud prevention and financial exploitation, particularly for servicemembers and veterans, and to expand partnerships with credit unions to strengthen financial literacy programs. DCUC also supported removing “reputational risk” concepts from supervisory frameworks and encouraged practical compliance tools for institutions.
Reducing regulatory burden: DCUC called for a comprehensive review of regulations to better tailor requirements to credit unions, emphasizing that duplicative rules can limit services to underserved and military communities without improving consumer protection. Strengthening governance: DCUC recommended modernizing the CFPB’s digital infrastructure, improving coordination with other regulators, and hiring personnel with credit union experience to enhance policymaking and supervision.
DCUC reiterated that the Bureau should focus enforcement on higher-risk large banks and non bank institutions, while avoiding unnecessary duplication for credit unions already subject to prudential oversight.
“Credit unions are uniquely positioned to advance consumer protection through their not-for profit, member-focused structure. By prioritizing financial literacy, targeted enforcement, and regulatory efficiency, the CFPB can strengthen consumer outcomes while preserving access to safe, affordable financial services,” says Jason Stverak, DCUC Chief Advocacy Officer.