Search
 
Expert Opinion

The NCUA Must Step Up for Overseas Servicemembers

Navy Federal extends support for the Overseas Military Banking Program and urges the NCUA to do the same.

By Mary McDuffie | October 23, 2023 at 09:00 AM
African american soldier using a laptop while deployed in a military base Credit/AdobeStock

When servicemembers are overseas, the government should have their backs. Whether it’s housing or medical care, our servicemembers deserve the highest level of support the U.S. can offer. Unfortunately, a recent NCUA decision leaves our deployed soldiers and their families vulnerable and without basic, decades-long financial protections.

After World War II, the Department of Defense (DoD) established the Overseas Military Banking Program (OMBP), also known as Community Bank, to provide financial services to servicemembers, their families and military commands at 60 overseas military installations. Despite its name, OMBP is not a bank. Rather, it is a DoD program that supports the unique financial needs of the overseas military: Local currency exchange, deposits, loans and cash for commissaries, other financial institutions and military efforts.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.