U.S. Capitol Building.
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While lawmakers in Washington, D.C. are in recess until after Labor Day, the Defense Credit Union Council (DCUC) filed a letter with congressional leaders asking them to pass a "clean markup" of the 2025 National Defense Authorization Act (NDAA) once they return from vacation.
The NDAA is often associated with the banking industry lobbying Congress to include a revocation of the credit union industry's tax-exempt status in the bill. This year, DCUC officials appear to be getting ahead of that debate with the letters filed this week.
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"We urge you to protect the credit union industry's tax exemption status by rejecting any attempt to insert language into the final version of the NDAA that would change the Federal Credit Union Act to allow for non-member deposits," the letter authored by DCUC Chief Advocacy Officer Jason Stverak stated. "There were attempts to add this language in the House of Representatives version of the NDAA. We wanted to once again alert you to our opposition in the chance your office is approached to considered similar language."
The letter continued, "A 'clean" NDAA avoids adding in unnecessary policy provisions that distract from the focus on preserving a robust military and could upset the balance the DOD has found with on-base financial services for its service members. We have always strongly supported 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."
DCUC also stated its opposition to adding any amendments such as the Durbin-Marshal Credit Card Competition Act, or any similar amendments or "misleading" studies that "could pose a risk to consumer protection."
"Our nation's defense credit unions understand that now more than ever, we need to put our nation's servicemembers first and reject the hollow call for new laws that would make basic financial services even more expensive for working-class Americans," Stverak wrote.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
