WASHINGTON, D.C. (December 16, 2024) |
On Friday, December 13, 2024, the Defense Credit Union Council (DCUC) sent a letter extending its congratulations to Representative French Hill on his selection as Chairman of the House Financial Services Committee. In the letter, DCUC Chief Advocacy Officer Jason Stverak emphasized the critical role Hill’s leadership will play in shaping policies that bolster the financial system and protect consumers.
Stverak highlighted two key bipartisan priorities for the incoming Congress that are vital to the credit union industry and the financial well-being of millions of Americans, the passage of the Credit Union Board Modernization Act and the permanent expansion of the Central Liquidity Facility (CLF).
DCUC called for the swift passage of Credit union Board Modernization Act, which would modernize outdated requirements for federally chartered credit union board meetings. The proposed reforms would reduce the mandatory meeting frequency from monthly to at least six times per year, offering credit unions greater operational flexibility while maintaining robust governance standards. This measure, which passed the House Financial Services Committee with overwhelming bipartisan support in the 118th Congress, is expected to enhance efficiency and redirect resources toward member services.
DCUC also urged the committee to permanently extend the temporary enhancements to the Central Liquidity Facility enacted during the COVID-19 pandemic. These enhancements broadened access to emergency liquidity, particularly benefiting small and underserved credit unions. A permanent expansion of the CLF would strengthen credit union resilience during economic crises, ensuring continued support for their members, including service members, veterans, and their families.
Both legislative priorities align with DCUC’s mission to support credit unions in serving their members effectively while avoiding additional regulatory burdens or taxpayer costs.
“As Chairman, Representative Hill’s leadership offers a unique opportunity to advance these common-sense solutions, which enjoy widespread bipartisan and industry support,” says
Stverak. “Credit unions continue to play a vital role in ensuring the financial readiness of military families and the stability of our financial system. By prioritizing these measures, we believe Chairman Hill can help ensure credit unions continue to thrive and serve their communities.”
DCUC expressed its readiness to collaborate with Chairman Hill and the committee on legislative efforts to protect consumers and uphold the mission of credit unions.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.