NCUA Chairman Commends Defense CUs for Service

CHARLESTON, S.C.-Last week, NCUA Chairman JoAnn Johnson commended the credit unions that serve those who serve. In remarks before the Defense Credit Union Council’s 42nd Annual Conference, Johnson applauded the role of the more than 270 defense-affiliated credit unions as “vital partners to military families at home and serving abroad.” “Whether it is veterans who have defended America’s freedom or armed forces who are advancing freedom, families count on their credit union as a financial partner and to help their families during this time of war on terror,” Johnson said. She also applauded these credit union officials for enhancing financial education initiatives for those serving in the military. “Defense credit unions are leading the way in making this a priority for the nation’s armed forces – for those deployed and at home, including their family members,” Johnson said. “Credit unions are answering the call of service to Americans serving around the globe by providing their members with personal financial services including special lending considerations during this time of war,” Chairman Johnson said. She also noted the Soldiers’ and Sailors’ Civil Relief Act, which temporarily limits the financial obligations of military personnel while they are on active duty, as well as creditors’ remedies against such personnel in certain circumstances. The Defense Credit Union Council represents credit unions whose membership includes military and civilian personnel of the Department of Defense. These credit unions have over 10 million members worldwide. The council has a seven-member board of directors made up of representatives from each branch of military service.