The U.S. Capitol
The Defense Credit Union Council (DCUC) filed a letter with House Committee leaders Monday explaining the unique situation defense credit unions are in as it relates to leveraging technology in innovative ways to serve active-duty members.
The letter was sent by DCUC’s Chief Advocacy Officer Jason Stverak to the leader and minority leader of the House Financial Services Committee ahead of a hearing scheduled for Wednesday titled “Innovation Revolution: How Technology is Shaping the Future of Finance.”
In his letter, Stverak outlined how DCUC-member credit unions “leverage innovative technologies to address the distinct challenges of military life, such as frequent relocations, extended deployments, and the need for rapid financial access during emergencies.”
He said, “Defense credit unions are essential to ensuring the financial readiness of our military community. Through cutting-edge technologies and a commitment to accessibility and security, our member credit unions continue to empower service members, veterans, and their families to better thrive financially despite the challenges that accompany military life.”
According to details of Wednesday’s hearing, lawmakers will hear testimony from five leaders of differing financial and data-privacy firms. The hearing will have no credit union representatives testifying.
The hearing is set to cover a wide range of financial technology issues such as fintech-related issues, blockchain technology, artificial intelligence, machine learning and the regulatory backbone that should be behind these financial and technological advancements.
“Regulatory agencies retain an important role in fostering responsible innovation and, after evaluating benefits and risks, they themselves should utilize the latest technologies and innovative supervisory tools to ensure they are carrying out their mandates in an efficient and effective manner,” a statement from the meeting memo read.
According to DCUC, Stverak laid out possible policy recommendations for the Committee to consider. Those include:
- Support for Public-Private Cybersecurity Collaboration: Encourage partnerships between financial institutions, the Department of Defense, and federal cybersecurity agencies to protect military families from emerging threats.
- Investment in Financial Infrastructure: Advocate for improved digital and physical infrastructure at remote and overseas military installations to enhance financial inclusion and accessibility.
- Regulatory Modernization: Streamline regulations to allow defense credit unions to adopt emerging technologies.
© 2025 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.
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.
