Defense Credit Union Council (DCUC) and America’s Credit Unions (ACU) Jointly Oppose Unrelated Amendments to NDAA
Today, June 21, 2024, the Defense Credit Union Council (DCUC) and America’s Credit Unions (ACU) sent a joint letter to The Honorable Jack Reed, Chairman, and The Honorable Roger Wicker, Ranking Member, of the Senate Armed Services Committee. The letter urges the committee to reject any unrelated credit union amendments to the National Defense Authorization Act (NDAA) during its upcoming consideration by the full United States Senate.
DCUC and ACU referenced the intense discussion regarding the Department of Defense Overseas Military Banking Program (OMBP), and the OMBP contract award to a credit union.
“America’s Credit Unions and the Defense Credit Union Council (DCUC) urge you to preserve “clean” NDAA that avoids adding in unnecessary policy provisions that distract from the focus on preserving a robust military and that could upset the balance the DOD has found with on-base financial services for its servicemembers.”
Both organizations pressed the importance of excluding the proposal to amend the Federal Credit Union Act (FCUA) to provide share insurance for deposits made at a credit union operating the OMBP contract.
“Our organizations strongly support credit unions on military bases, because we believe that they are the best source for safe, affordable financial services for our men and women in uniform, but we also believe that Congressional action at this point is premature and legislation amending the FCUA should not be added to the NDAA when it is considered in the full Senate.”
Read the letter here.