Today, the Defense Credit Union Council, (DCUC), sent a letter to the Honorable Mike Johnson, Speaker of the House, and the Honorable Hakeem Jeffries, House Minority Leader. The letter urged the U.S. House of Representatives to exclude the Credit Card Competition Act (CCCA) from any version of the National Defense Authorization Act (NDAA). Jason Stverak, Chief Advocacy Officer for DCUC, states, “The CCCA poses significant risks to military servicemembers, veterans, and their families by undermining the critical support defense credit unions provide.”

In the letter, DCUC highlighted several key points as to its opposition of the CCCA and the risks the legislation would pose to America’s consumers, especially military and veteran families. DCUC emphasized how the CCCA threatens to undermine the critical financial services defense credit unions provide to military communities, veterans, and retirees. These credit unions, often located on or near military installations and communities, play a vital role in delivering tailored financial products to servicemembers, especially in remote or underserved areas. By reducing interchange fees, DCUC’s letter explains how the CCCA could limit credit unions’ ability to offer affordable credit, forcing higher rates or eliminating benefits such as rewards programs and deployment-friendly services. DCUC also noted how this erosion of financial stability jeopardizes military readiness by reducing access to essential financial education and resources, leaving servicemembers vulnerable to predatory practices.

DCUC also highlighted how veterans and fixed-income retirees would face increased costs for financial services and a potential loss of key programs like VA home loans, which are critical for transitioning to civilian life. Furthermore, DCUC stressed how including the CCCA in the NDAA misaligns with the legislation’s core mission of supporting national defense and military welfare, setting a concerning legislative precedent.

Stverak added how research studies from the Kansas City Federal Reserve and the Electronic Payments Coalition show that similar policies abroad led to higher consumer fees and reduced credit access, with minimal savings passed to consumers. Additionally, Stverak mentioned how the Credit Union National Association (CUNA), now America’s Credit Unions, highlighted that smaller institutions often bear the brunt of such regulations, reducing competition and consumer choice.

DCUC reiterated defense credit unions are not-for-profit institutions with a long history of dedication to serving military and veteran communities and their unique financial needs. “For years, DCUC has stressed the unintended consequences of the CCCA, and unnecessary studies attached to proposed CCCA legislation, to both houses of Congress,” said Anthony Hernandez, DCUC President/CEO. “We’ve seen with research how the CCCA would greatly impact our military and veteran communities, threatening the financial readiness and quality of life for those who serve our nation. DCUC will continue to urge House and Senate leaders to prioritize the needs of these important communities by ensuring the CCCA is excluded from the NDAA.”

Click here to read the full letter.