DCUC urges Senate to remove harmful NDAA language
WASHINGTON, DC (October 12, 2022) — The Defense Credit Union Council (DCUC) continues to urge Senate leaders to remove the Senate versions of the Credit Card Competition Act (CCCA) and an unnecessary study proposal on fees imposed on veterans and caregivers.
Senators Dick Durbin, D-Illinois, and Roger Marshall, R-Kansas, are attempting to attach language along with a deeply flawed study to the National Defense Authorization Act (NDAA) which will negatively impact both defense credit unions and their members. The caps on credit card interchange in the NDAA make it difficult for defense credit unions to provide safe and affordable credit lending services to their military and veteran members.
The CCCA imposes unnecessary and excessive regulations, and it lacks any additional savings benefits for servicemembers and veterans. The proposed bill includes many of the same empty promises made during the 2010 Durbin Amendment debates.
Similarly, the proposed study on credit and debit card user fees imposed on veteran and caregivers at commissary stores and MWR facilities includes several privacy concerns which make obtaining the required data difficult and unsafe. This could potentially lead to operational security and readiness risks for our Nation’s military and DoD members.
Our nation’s defense credit unions understand now more than ever we must put our servicemembers first and reject new laws that would make basic financial services less attainable and safe for working-class Americans.
“DCUC urges our member credit unions to continue speaking out against the CCCA by sending similar messages to your Congressional delegations requesting them to oppose both amendments,” stated Anthony Hernandez, DCUC president/CEO.
The Senate is scheduled to have pro forma (non-voting) sessions this week where debate on the NDAA may begin.
About Defense Credit Union Council (DCUC)
The Defense Credit Union Council is the premier resource for credit unions on all military and veteran matters. By maintaining a close and constant liaison with the Pentagon, Capitol Hill, and NCUA, the Council champions the interests of credit unions serving our military and veteran communities by coordinating policy, procedures, and legislation impacting morale and welfare, financial readiness, and the delivery of quality financial products and services. Organized in 1963, the Council’s membership is comprised of 180 credit unions with over 35 million members. If you would like more information about this topic, please contact DCUC at alert@dcuc.org.
