DCUC Commends Congressman French Hill’s Introduction of Key Legislation,“Military Financial Services Protection Act of 2024”
The Defense Credit Union Council (DCUC) applauds Congressman French Hill, Chair-elect of the House Financial Services Committee, for introducing the “Military Financial Services Protection Act of 2024.”
“Our service members and their families deserve and have earned the best services we can provide them. I am proud to lead the Military Financial Services Protection Act so that the Department of Defense fully understands the intersection of financial services and defense,” said Congressman Hill. “Supporting our brave men and women in uniform and their families is of the utmost importance to me, and that starts with ensuring they have peace of mind in their financial security.”
“This bill represents a major step forward in enhancing the DoD's understanding of the critical role that credit unions and military banks have on installations,” said Jason Stverak, DCUC Chief Advocacy Officer. “It will not only streamline operations but most importantly, strengthen the financial readiness for our service members and their families.” Stverak added, “While this is just the beginning, DCUC looks forward to continue working with Congressman Hill to ensure the bill has a swift passage in the next Congress.”
Earlier this year, DCUC engaged with Congressional leaders and key committees, including the House Armed Services, House Financial Services, and Senate Banking Committees to highlight critical changes needed in the military banking program. These discussions raised concerns about the DoD’s challenges in effectively administering current regulatory requirements.
The military banking program has faced significant obstacles in recent years, stemming from a limited understanding of modern banking practices and technologies. To address these issues, the proposed legislation establishes an Advisory Committeewhich will include senior DoD officials representing key mission areas and federal financial regulators to ensure equitable service for all Americans, including military families.
The Advisory Committee will study, recommend, and address issues within the DoD Military Banking Program. A foundational study mandated by the legislation will identify current shortcomings and leverage advancements in financial technology to better serve military banks and defense credit unions.
“Thanks to Congressman Hill’s leadership and dedication to supporting the financial well-being of our military communities, this bill will empower us to modernize and strengthen the DoD Military Banking Program,” said Anthony Hernandez, DCUC President/CEO. “By leveraging collaboration and data-driven solutions, we can effectively address longstanding challenges and better serve the financial needs of our service members.”
DCUC will continue working with Chair-elect Hill and committee staff to advance this legislation, improve military banking services, protect consumers, and uphold the vital missions of credit unions and military banks serving our nation’s service members.