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The Defense Credit Union Council (DCUC) is raising alarms at both the federal and state levels over issues it said could significantly impact credit unions serving military and veteran communities.
In a letter sent this week to the Senate Finance Committee, DCUC voiced concern over the nomination of Ken Kies for Assistant Secretary of the Treasury for Tax Policy. Kies has previously advocated for repealing the credit union tax exemption, a policy DCUC argued is vital for the financial well-being of service members and veterans.
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“It’s imperative that as Congress engages in tax and budget reconciliation discussions, the full impact of eliminating this tax status is carefully considered,” DCUC President/CEO Anthony Hernandez said. “Undermining this long-standing policy … would have devastating consequences on the communities that rely upon credit unions.”
DCUC urged senators to question Kies about his past positions and to seek a public commitment that he would not pursue repeal of the tax exemption if confirmed.
At the state level, DCUC also issued a letter opposing Texas Senate Bills 2026 and 2056, warning they would undermine a secure payment system and reduce credit access for military families. DCUC criticized the bills for benefiting large merchants at the expense of consumers and financial institutions.
“DCUC urges the committee to oppose SB 2026 and SB 2056 and stand with defense credit unions in safeguarding military and veteran communities,” Jason Stverak, DCUC's chief advocacy officer, said. “Protecting military families’ financial security has long been a bipartisan priority.”
DCUC said it welcomes collaboration on alternatives that promote true competition without risking the financial stability of those who serve.
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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.
