Provided by Military Hearts Matter On Sunday, February 4, our Third Annual Wreath Laying Ceremony at Arlington National Cemetery honored two phenomenal women veterans who are heart survivors. This year’s honorees were Kelsey Danner, a Navy veteran and Tosombra “Tai” Kimes, an Army veteran. Through the generosity of our donors Mr. and Mrs. Travis Carter, Jennifer Hernandez Real Estate, Trish Alegre-Smith Photography, Mr. and Mrs. Todd Mains and the sponsors, Defense Credit Union Council (DCUC), GEICO Military, and Blue Shield Blue Cross FEP Dental and Blue Cross Blue Shield FEP Vision. Following the wreath laying, we celebrated with a reception hosted by Military Hearts Matter at the Military Women's Memorial. Thank you to all those who attended this special event and to our donors that made it possible.
WASHINGTON—Will the awarding of a contract to Navy FCU to provide banking services on military bases stand? Or will the Department of Defense contract be rescinded and then bid back out to another player, likely a bank?
It's a critical debate right now, according to the president and CEO of the Defense Credit Union Council, who said the decision by the DoD to award the contract to provide those services to the world’s largest credit union has created considerable controversy, contending it is possible the current agreement with the Department of Defense and Navy FCU will not stand. WASHINGTON–Navy Federal Credit Union has reached out to Capitol Hill seeking assistance in resolving an issue related to deposit insurance and a contract Navy FCU has won to operate bank branches on military bases. CUToday.info has obtained a copy of a letter Navy Federal has sent to Sen. Jack Reed (D-RI), chairman of the Senate Committee on Armed Services, in which the credit union states an “issue” with NCUA “threatens to undermine our ability to provide deposit insurance to servicemembers’ accounts in the Overseas Military Banking Program (OMBP).” WASHINGTON–On behalf of numerous defense credit unions, the Defense Credit Union Council (DCUC) is publicly voicing strong concerns over the awarding of a contract to Navy FCU to provide banking services on military bases, filling a void created when Bank of America chose not to bid on the contract.
The Defense Department has awarded a contract to operate the Overseas Military Banking Program to Navy Federal Credit Union, but there is one lingering problem—the NCUA said it cannot insure the credit union accounts in the program.
WASHINGTON–Credit unions that operate branches on military bases overseas are not saluting the news that Navy Federal Credit Union has won a Department of Defense contract to operate The Community Bank, which has 60 branches and 275 ATMs on military bases in Europe and in the Pacific.
NAFCU, CUNA, and the Defense Credit Union Council (DCUC) Tuesday urged the Senate to oppose the effort by Sen. Josh Hawley, R-Mo., to attach his Capping Credit Card Interest Rates Act (S. 2760) as an amendment to a proposed “minibus” appropriations bill.
CUNA, NAFCU, DCUC oppose credit card cap amendment to ‘minibus’ (CUNA News, September 20, 2023)9/21/2023
CUNA, NAFCU, and the Defense Credit Union Council (DCUC) urged Senate leaders to oppose an amendment to the “minibus” appropriations bill that would cap credit card annual percentage rates at 18%. The organizations note it would make credit more expensive and less available.
The “Credit Card Competition Act,” S. 1838, as introduced by Senators Dick Durbin and Roger Marshall, represents another financial hazard masked by seemingly good intentions of the retail lobby. Unfortunately, the proposed legislation does nothing to reduce additional costs for consumers and harms working-class Americans. All it really does is secure another round of windfall profits for big box retailers and e-commerce giants. This is unfair and should alarm everyone reading this article.
WASHINGTON, DC— Today, 11 trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, released the following joint statement opposing the effort by Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) to attach their proposed credit card routing legislation (S. 1838) to the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act (H.R. 4366):
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