WASHINGTON, DC (June 23, 2026) |
The Defense Credit Union Council (DCUC) submitted a letter to House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters ahead of the June 24 hearing, “Future of Payments: Promoting Innovation and Fair Markets,” stressing the importance of preserving a secure, reliable, and competitive national payments system.
DCUC highlighted that payments innovation, fraud prevention, cybersecurity, regulatory parity, and consumer protection are essential components of a functioning financial system, especially for servicemembers and military families who rely on consistent access to financial services across the nation.
In the letter, DCUC expressed strong concerns about federal and state-level efforts to restrict or regulate interchange, warning that such proposals risk weakening fraud protections, reducing consumer benefits, and undermining the infrastructure that supports secure digital payments. DCUC also cautioned that state-by-state interchange restrictions could fragment the national payments system, creating operational challenges for financial institutions and inconsistency for consumers, keeping in mind the military families who frequently relocate under orders.
“Payments innovation, access to financial infrastructure, regulatory parity, consumer protection, fraud prevention, and competition are all critical to a safe, reliable, and affordable financial system. For defense credit unions, these issues are not abstract. Our members are mobile, frequently cross state lines, deploy overseas, relocate under military orders, and depend on secure, consistent, and accessible payment services wherever duty or life takes them,” wrote Jason Stverak, DCUC Chief Advocacy Officer.
“Credit unions play a foundational role in maintaining trust in the payments system,” says Anthony Hernandez, DCUC President/CEO, Ret. U.S. Air Force Colonel. “They invest in cybersecurity, absorb fraud losses, support secure digital banking platforms, and ensure members are protected when something goes wrong. As Congress evaluates the future of
payments, it is critical that policy decisions strengthen the institutions that deliver that trust every day to their members and communities.”