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CEO Update: Making investments and doing the work - The DCUC difference
DCUC is growing! In fact, we are pleased to announce the addition of two new member credit unions and are excited to help them serve their military and veteran communities. Beyond welcoming new members, there are many more innovations we are eager to deploy designed to make us even more responsive and accessible to our entire membership. This month, the DCUC Board and I will engage in our annual planning session.
Capital Corner: Payment fraud rises to top of the agenda
But is the cure worse than the disease? So, if a bad bill doesn’t become a law in Congress, there’s nothing to worry about, right? Not necessarily, as new legislation aimed at payment fraud illustrates how issues in Washington tend to percolate far beyond the halls of Congress. Here’s what’s happening: A bill co-sponsored by consumer crusader Sen. Elizabeth Warren (D-MA) and key House member Maxine Waters (D-CA) has attracted headlines.
Advocacy in Action: DCUC’s bold initiative to strengthen the voice of defense credit unions
DCUC’s Advocacy Reimagined is an exciting new initiative for the Council, marking a significant expansion of DCUC’s advocacy efforts in both our Nation’s capital and beyond. As you are aware, defense credit unions play a unique and critical role in serving military personnel, veterans, and their families.
DCUC’s commitment to CU advocacy: Strengthening credit unions’ support to military & veteran communities
First and foremost, I want to thank each of you for your steadfast commitment to delivering the finest financial products and services to our Nation’s service members, veterans, and their families. Your dedication is why the Defense Credit Union Council (DCUC) takes great honor in representing you. Your unwavering focus to Serving Those Who Serve Our Country ensures the credit union philosophy of people helping people remains a distinctive force within the financial industry.
Protecting credit union tax exemption status
DCUC engaged Congress on the credit union tax exemption status by sending a letter and questions to the Senate Committee on Finance ahead of today’s hearing, “The 2025 Tax Policy Debate and Tax Avoidance Strategies.” The hearing included testimony from the Tax Foundation referencing a footnote from the report “Reining in America’s $3.3 Trillion Tax-Exempt Economy (Tax Foundation).” Notable statements from the June 2024 report include: “While there still may be a role in today’s economy for...
Honoring our roots and serving heroes
Following Independence Day, we’re provided an opportunity to reflect on the values of unity, service, and dedication that define our nation and how they carry into our credit unions’ mission. For Soarion CU, formerly known as Air Force FCU (AFFCU), these values are woven into our very fabric. Established at Lackland Air Force Base in 1952, we have a rich history of serving those who serve our country.
Capital Corner: Consumer criticism puts credit unions in the hot seat
Thanks to a flurry of critical news coverage, the image of credit unions being a pro-consumer beacon is being questioned on Capitol Hill and in DC regulatory agencies. The question: is this a tectonic political shift, or temporary criticism that will dissipate in a short period of time.
Strengthening the DCUC footprint on Capital Hill
We’re growing in terms of our footprint, not only in serving the interests of our members and defense credit unions but the entire industry as a whole. We’re increasing our MAC tempo with plans to hold more meetings and strengthen our advocacy for more success on behalf of our members. DCUC is already laying the groundwork for our future advocacy roadmap and ensuring the Council and its members are well-heard within the Capital.
CEO Update: Member voices are the only ones that matter
First off, thank you for your participation in industry-wide events and meetings, especially as they directly impact your ability to serve those who serve our country. As a member-based organization, the title of this article is self-evident. Trade associations, leagues, and other system partners will always have their own opinions. However, these opinions must be shaped by the views expressed by members themselves, or else you risk losing the members your organization is supposed to represent.
View From the Board: ITIN lending
ITIN (Individual Taxpayer Identification Number) lending is important to credit union members, especially for those who might not have a Social Security Number but still want access to credit and financial services in the United States. Having an ITIN lending program allows credit unions to offer financial services to individuals who may otherwise be excluded from traditional banking channels. This often includes immigrants, individuals on dependent visas, or foreign students.
Capital Corner: A guide to 2024, NCUA edition
At the beginning of each year, it’s tempting to do a “predictions” column, where you make a lot of educated (and uneducated) guesses about the next 12 months. And as a DC observer you do this hoping that the reader won’t hold you accountable for your hits and misses next January. So here is my look ahead at the coming year, pointing out things that seem likely based on what I’m seeing and hearing. This month, I’m focusing on what’s coming down the pike at NCUA and other regulatory agencies.
CEO Update: Industry changes bring a new beginning
Given the merger of the two largest credit union trade associations, and the merger of the two largest credit union payment system providers, the credit union industry as a whole is changing. Whether we like it or not, and whether we can control how things change, one thing for certain is the industry will never be the same. This applies to DCUC, as well DCUC recently concluded an out of-cycle board planning session.
NDAA on to the President’s Desk
Both the House and Senate have passed the 2024 National Defense Authorization Act (NDAA) and it is on its way to the President’s Desk. We are happy to report there was no troublesome language regarding the credit card competition act or anything that would open up the Federal Credit Union Act to last-minute modifications. DCUC worked well with the national trades and league partners in helping to guide the NDAA to this point.
Expansion of “qualified charity” to veterans organizations
Earlier this year, DCUC and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the NCUA Board. In the letter, we asked the NCUA to amend the definition of “qualified charity” as it relates to Charitable Donation Accounts (CDAs) in Part 721.3 of NCUA regulations to include 501(c)(19) veterans’ organizations.
CEO Update: Pending industry changes and the “one bank/one credit union” policy
For over 60 years, DCUC has successfully advocated for all credit unions serving our military and veteran communities across the globe. No other trade association accomplishes this important mission quite like DCUC. We are proud to do so and remain confident and firm in our mission no matter the situation. As part of this mission, DCUC is always ready to champion innovative solutions that enable our member credit unions to better serve our Nation’s military, veterans, and their families.
Credit unions: A lifeline during government shutdowns
In the midst of looming uncertainty over a potential government shutdown, the role of credit unions as pillars of financial stability, gains even more significance. As not-for-profits, credit unions have consistently proven themselves to be the safest option for safeguarding the financial security of their members.
Capital Corner: September promising to be the busiest and most consequential month of 2023 in Washington
Several critical issues are on the clock, and DCUC is on top of all of them. Here’s a grab bag of what we’re watching closely: Both the Senate and the House have wrapped up work on their versions of the annual defense bill…but now the fun part begins, as the hard work of reconciling the two versions begins. From a credit union perspective, DCUC, in close collaboration with NAFCU and CUNA, once again repelled the (tiresome) banker efforts to get free lease space on military bases.
Joint letter supporting Senate Amendment 206 to 2024 NDAA
DCUC, CUNA, and NAFCU sent ajoint trades letter to Senator Patty Murray (D-WA) expressing our support of the Senate Amendment 206 to the 2024 NDAA. This amendment would help to remove many current constraints and barriers DoD has recently placed on credit unions. It would also aid in increasing proficiency in financial literacy efforts on installations and improve the financial readiness of our Nation’s service members.
Capital Corner: Credit interchange fight once again rears its ugly head on Capitol Hill
Sens. Dick Durbin (D-IL.), Roger Marshall (R-Kan.), J.D. Vance (R-Ohio) and Peter Welch (D-Vt.) on June 7 introduced the Credit Card Competition Act (CCCA, S. 1838), which would require banks with more than $100 billion in assets to offer merchants at least two networks to process credit cards. Under terms of the bill, at least one of these payment rails could not be owned by Visa or Mastercard. A House companion bill, HR 3881 was introduced by Rep. Lance Gooden (R-TX).
CFPB annual report on military complaints
The CFPB released its 2022 Annual Report which highlights a number of complaints made by military personnel. From the Executive Summary, the largest concern deals with payment apps: Servicemembers submit complaints related to payment apps at a higher percentage than the general population. In 2022, servicemembers submitted more than 1,100 payment app complaints, one of the fastest-growing complaint types submitted to the CFPB.
CEO Update: October: A month of shared success!
DCUC roared into action throughout the month of October, sharing success with our industry partners and our member credit unions. As the holiday season approaches, DCUC is focused on carrying this momentum through the next 8 weeks to secure a strong start to 2023. But first, a quick look at our tremendous accomplishments in October: Last month’s success began with our Midwest Sub-council Conference, co-hosted by Cobalt CU, in Omaha, Nebraska.
National Credit Union Foundation grant opportunities
With inflation leading to increased costs of living, such as housing, groceries, and other daily expenses, there is an essential need to ensure our military members are receiving the best financial services from our Nation’s credit unions. The Defense Credit Union Council (DCUC) would like to highlight two exciting grant opportunities available to all credit unions through the National Credit Union Foundation (NCUF).
The American spirit
This month our Country celebrated its 247th birthday! The American Spirit since 1776 is a belief in our ability to self-determine our future along with the individual liberty to pursue a state of happiness. We all know that freedom is never free, and we are very thankful for the generations of servicemembers who volunteered to preserve our liberty. Yet, for each member who volunteers to fight, there are others who support this mission in other ways.
Capital Corner: Summer update
“Congress can’t get anything done” is the common refrain. To be precise, it should be “Congress can’t get anything done…except when they can.” As the calendar turns to summer, Capitol Hill is turning to whatever business they have on their plates that’s doable. As you would expect, DCUC is on the front lines of the following legislative (and regulatory) issues.
117th Congress—Last gasp or next act? - CUInsight
For a change, the legislative front is occupying center stage for credit unions in Washington. That’s not surprising, given the flurry of activity from regulators (NCUA, CFPB) early this year that had pushed Congress into the background. But that was temporary. Congress is now trying to cram in as much lawmaking as possible before Capitol Hill essentially shuts down and Members commence campaigning.
Crashing in a word: Rollercoaster
There is a lot that I could say about my experience Crashing the GAC. I had incredible highs as I got to know the amazing group of 50+ Crashers from across the country and learn their stories, hear what credit unions mean to them and their communities, and build what I hope, and believe, will be a lasting community.
Financial readiness: “Why we do what we do”
Military readiness is what commanders certify prior to deployment. It would be disastrous to commence a particular operational plan if the units tasked cannot meet minimal manpower, training, and equipment requirements. Outside of these raw inputs, there are other readiness factors such as family, medical, legal, and financial readiness which are just as important. Mission risk increases when any of these are out of sorts.
Veterans Day 2021
On Veterans Day, we remember first those who fell and never came home. We remember our veterans with appreciation and respect. We remember them as examples of valor and selfless service that inspires us all. As Americans, we acknowledge our love for our veterans, especially at gatherings on Veterans Day and Memorial Day. While our feelings are sincere, it is important for us to remember that veterans are not only a part of our past but also part of our present and future.
Issues to watch: Fall edition
The high-wire act on Capitol Hill, encompassing infrastructure, an expanded social safety net, the federal debt ceiling and a stopgap bill to keep the government open past September 30 also features lower profile issues that have DCUC on high alert. Here’s a quick around-the-horn on issues of note: NDAA That hardy perennial, the National Defense Authorization Act (NDAA) is teed up for action.
Technology, timing, and transitions
Next month’s DCUC Annual Conference is focused on the role of emerging technology and how credit unions can (and should) consider transitioning to better platforms and applications to serve their members. These discussions are nothing new. Yet, recent headlines in the trade press indicate there is more work to be done. Ransomware, artificial intelligence limitations, economies of scale constraints are all factors in making these tough decisions.
Getting back to basics
Recently, I had the privilege of attending the March 2021 CUDE program (#BestClassEver). Although I was very excited to attend, there was a part of me that wondered what I could really learn. After 14+ years at DCUC, I thought I had a good handle on what it meant to be a part of the credit union industry. As it turned out, there’s always more to learn.
New CFPB Director promises active approach to regulation
Earlier this year, we took a look at what to expect from newly-minted NCUA Chairman Todd Harper. Now, we turn our attention to Rohit Chopra, President Biden’s pick to head the Consumer Financial Protection Bureau (CFPB). Chopra will likely be confirmed in April despite a contentious Senate Banking Committee hearing and a split vote that sent his nomination to the Senate Floor. What will his appointment as Director of this increasingly important consumer agency mean for credit unions?
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