DCUC, CUNA, and NAFCU sent a joint trades letter to Senator Patty Murray (D-WA) expressing our support of the Senate Amendment 206 to the 2024 NDAA. This amendment would help to remove many current constraints and barriers DoD has recently placed on credit unions. It would also aid in increasing proficiency in financial literacy efforts on installations and improve the financial readiness of our Nation’s service members.
The letter highlighted the role credit unions play within the military and veteran communities, referencing a recent poll provided by CUNA that showcases why credit unions should be better supported by the DoD.
“Survey results unambiguously reveal that military households that are credit union members view their credit unions much more favorably than nonmembers view their banks & other service providers across every performance metric evaluated. The differences appear to arise from credit unions’ more consultative approach, more consumer-friendly pricing, thoughtful products and services, and an overall sense of trust fostered by these institutions.
- Military households that are credit union members are nearly two times more likely than nonmembers to say they have received personalized financial education/counseling. And they have acted on the advice they received.
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