CUNA responds to bank attack during hearing on military financial inclusion

Written testimony from the Association of Military Banks of America (AMBA) veered off the focus of the hearing to attack credit unions on military bases and supposed limits in access for those on the base, during a Senate Banking Committee hearing on financial Protection for servicemembers, veterans and families. However, the AMBA’s claims counter the results of a 2022 study requested by the House of Representatives and released by the Department of Defense (DoD).  The DoD’s report states:

“This report demonstrates that service members and their families are not limited in their options for access to financial services on-base, online, and off-base. “

CUNA President/CEO Jim Nussle responded to the AMBA testimony, saying:

“It’s a shame that banks used this hearing to take a cheap shot at credit unions rather than focus on veterans and servicemembers.  As the Department of Defense study released in 2022 clearly shows, servicemembers do not lack access to financial services on military installations. Rather than using the available option to leases on military bases at a nominal cost- banks choose not to exercise this authority. Their unwillingness to use steps currently available to banks in serving on military bases while testifying on the financial protection for veterans and servicemembers shows a clear disconnect in their commitment.”