WASHINGTON, D.C. (November 14, 2024) |
Today, the Defense Credit Union Council, DCUC, sent a letter to Congressman French Hill (R-AR) emphasizing the need to recognize the essential role of credit unions in any effort to strengthen community banking. In response to recent proposals aimed at revitalizing local financial institutions, DCUC expressed appreciation for the focus on community-centric banking and urged the inclusion of specific reforms to support credit unions as a crucial part of this vision.
Credit unions are particularly vital to military and veteran families, rural communities, and underserved areas, often stepping in where traditional banks have withdrawn. As member owned, not-for-profit cooperatives, credit unions reinvest directly in their communities, fostering financial stability and inclusion. Credit unions have stepped up to maintain local access to financial services, offering continuity where for-profit institutions fall short.
DCUC’s letter outlined critical recommendations, including modernizing credit union legislation to better serve military and small business members, protecting credit union independence from excessive regulation, and maintaining fair interchange fees to ensure affordable services. DCUC believes these measures will help preserve financial choice, access, and resilience in communities nationwide.
DCUC’s Chief Advocacy Officer, Jason Stverak, emphasized the importance of collaboration between community banks and credit unions, highlighting the shared goal of meeting the unique financial needs of all Americans. “Community banks and credit unions are both vital to serving areas forgotten by larger banks. By championing policies that promote the growth and establishment of these institutions, we can ensure that all Americans have access to reliable and affordable financial services,” Stverak said.
DCUC hopes to engage with policymakers to further discuss these proposals, aiming for a financial landscape where community banks and credit unions thrive side by side, each addressing distinct community needs.
For more information, please contact Jason Stverak at jstverak@dcuc.org.