I was disappointed to read Sarah Snell Cooke's column on May 21 concerning AAFES' launch of a credit card through JPMorgan Chase.
Frankly, it is not competition or JPMorgan Chase that we oppose. But rather the circumvention of the Department of Defense financial management regulation process and what that portends. We would be remiss in our mission to safeguard the interests of credit union members, especially those who are military service members and their families, if we did not oppose this flagrant violation.
Moreover, we have always worked well with DCUC and will continue to do so–on this issue and any others impacting defense credit unions–whether from inside the Pentagon, on Capitol Hill or elsewhere.
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If this initial foray were to go unchecked, one can only expect JPMorgan to market other financial services products to the troops whether through electronic billing and payments or through the mail. Clearly, this would be in further contravention of the "one bank, one credit union rule" and, if loan related, further exposing the young troops to additional financial temptation and further adversely impacting military readiness.
In closing, the Defense Department has been exposing how the troops are being impacted by financial issues–losing security clearances, being removed from the service, etc. Given that, it makes no sense to put another card in the hands of the troops and even less sense to actively promote it.
Javier Sanchez
NAFCU Associate Director of Legislative Affairs
Arlington, Va.
From the Editor: Keep Those Letters Coming!
Credit Union Times has a goal for 2008 to include Letters to the Editor in every issue. We had letters in nearly every issue of 2007.
We're proud of this for two reasons. First, it's an indication that Credit Union Times is providing thought-provoking editorial coverage that is inspiring more readers than ever to write letters.
Second, the letters section is the one place where readers have the opportunity to fire back on issues important to them. Think Credit Union Times missed the boat on a story? Let us know. Disagree with how industry leaders are handling something? Write a letter and make sure they get the message.
While Credit Union Times will edit letters for style and length, our goal is to ensure the letter writer's message is conveyed as intended. Occasionally, an editor's note will be necessary to correct an erroneous fact or statistic.
Here are a few guidelines on letter submission:
- Letters can be mailed, faxed or e-mailed. We prefer e-mail submission for timeliness. The faster we get the letter, the faster it gets into print. Letters can be e-mailed to [email protected].
If you are mailing, send your letter to 33-41 Newark Street, 2nd Floor, Hoboken, NJ 07030 attn: Letters to the Editor.
To fax a letter, send to (866) 814-6948, attn: Letters to the Editor.
- Send your picture please. Readers will notice that photos of the authors often accompany letters. If possible, please include a color picture when submitting a letter, though we will not hold back a letter for lack of a photo.
Credit Union Times appreciates the reader feedback over the years and hopes 2008 will continue to be a banner year for getting your views across to a nationwide audience of credit union industry leaders.
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