Washington, D.C. – The Association of Military Banks of America (AMBA) commends Congressman French Hill, Chair-Elect of the House Financial Services Committee, for his leadership in introducing the Military Financial Services Protection Act of 2024. This critical legislation aims to improve financial protections and services for military members and their families, ensuring they have the tools and resources needed to navigate the unique financial challenges of military life.
“Our service members and their families deserve and have earned the best services we can provide them. I am proud to lead the Military Financial Services Protection Act so that the Department of Defense fully understands the intersection of financial services and defense,” said Congressman Hill. “Supporting our brave men and women in uniform and their families is of the utmost importance to me, and that starts with ensuring they have peace of mind in their financial security.”
Military service often comes with significant financial stress, from unexpected relocations to difficulties accessing reliable banking services on or near installations. The Military Financial Services Protection Act addresses these issues by prioritizing the creation of a dedicated advisory committee that will focus on reviewing existing programs, identifying gaps, and recommending actionable improvements. With this legislation, Congress seeks to bring practical, meaningful changes that enhance the financial well-being of service members and their families, so they can focus on their mission without undue financial burden.
“This legislation shows Congressman Hill’s steadfast commitment to supporting military members and their families,” said AMBA CEO Omuso George. “By creating a platform to evaluate and strengthen financial services tailored to their needs, this bill lays the foundation for greater financial security and peace of mind for those who serve our nation.”
Key provisions of the Military Financial Services Protection Act of 2024 include:
- Establishing an advisory committee composed of defense and financial leaders to evaluate and improve Military Banking Programs.
- Reviewing contracts and agreements to ensure military families receive secure, efficient, and accessible financial services.
- Recommending strategies to overcome barriers that limit the availability of banking services on and off military installations.
AMBA strongly supports this legislation, recognizing its vital role in strengthening financial protections and providing essential resources to service members and their families. We look forward to collaborating with Congressman French Hill and other key stakeholders in the coming year to drive progress and ensure this bill delivers meaningful support to those who serve our nation.