For over 60 years, DCUC has successfully advocated for all credit unions serving our military and veteran communities across the globe. No other trade association accomplishes this important mission quite like DCUC. We are proud to do so and remain confident and firm in our mission no matter the situation. As part of this mission, DCUC is always ready to champion innovative solutions that enable our member credit unions to better serve our Nation’s military, veterans, and their families. Yet, innovation needs to still comply with existing rules and regulations that are in place to ensure the security of those we serve.
As with any industry, there will always be challenges and obstacles to overcome. Recently, there have been increased calls for credit union taxation, expanded regulations, and even some efforts to consolidate industry oversight under a single regulatory agency. In addition, there are increasing cyber, market, and interest rate fluctuations. These challenges are nothing new, and DCUC has always been prepared to meet these challenges through relentless advocacy, innovation, and careful management.
Yet, as the market becomes much more competitive and revenue margins are further squeezed, a unique set of internal challenges emerge. For credit unions that serve military installations, the most obvious trend is the rise of incursions onto the base by other financial institutions. As such, the “one bank/one credit union” policy is increasingly under attack from those wishing to dominate the market.
To be clear, DCUC is not opposed to competition within the credit union industry. DCUC believes that healthy competition drives better rates and best-in-class service for our military and veterans. However, there are valid reasons for why this policy was implemented, and why it has endured for decades.
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