Military and veteran advocacy take center stage at DCUC’s MAC Meeting
WASHINGTON, DC (April 7, 2022) — DCUC hosted its second quarter Military Advocacy Committee (MAC) meeting on April 5. During the hour-long meeting, DCUC President/CEO Anthony Hernandez and Total Spectrum’s John McKechnie discussed important credit union issues pertaining to military and veteran communities and provided updates on ongoing concerns.
Hernandez and McKechnie discussed a variety of topics, including the following:
- HASC Directed DoD Study on Military Access to Financial Institutions: The DoD was asked by Congress to submit a report looking at the availability of financial services on military installations. DCUC does not oppose this study and maintains that no military member is deprived of access to financial services when banks choose to leave an installation. Additionally, DCUC stresses that banks can and should use the regulatory process for obtaining in-kind consideration.
- Expanding Financial Access for Underserved Communities Act: DCUC is focused on getting the Federal Credit Union Act updated to open more opportunities to serve the un- and underbanked, many of whom are veterans. DCUC is already working with the VA through their VBBP Program to address some of these issues and will continue working to help these underserved communities.
- Charitable Donation Accounts: Currently, Charitable Donation Accounts can only make donations to 501(c)3 organizations. Many military and veteran organizations are 501(c)19 charities, which makes them ineligible to receive these funds. DCUC would like to see the regulation changed, as these organizations’ missions are so closely aligned with defense credit unions. This issue was discussed at length during DCUC’s Defense Matters Broadcast when Hernandez sat down with NCUA Vice Chairman Kyle Hauptman to discuss this issue. If you are interested in watching the broadcast, reach out to us at firstname.lastname@example.org.
- Veteran Business Lending Exemption: DCUC continues to work to improve access to capital for veterans, who are continually denied loans at higher rates due to the low amounts they request and lack of credit history. Language has already been introduced in the Senate, and DCUC is actively advocating for it to be introduced in the House.
Throughout the meeting, Hernandez stressed the importance of grassroots campaigns and partnership among the credit union trade associations, leagues, and other industry partners.
The next meeting of DCUC’s Military Advocacy Committee will be Monday, July 11 at 2:30 PM ET. For more information, visit dcuc.org/MAC.
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 30 million members. If you would like more information about this topic, please contact Charlotte Randall at email@example.com.