Volcker Rule – A plea from USAA
So, I open my email this morning, and I have a solicitation from USAA. In the 14 years that I have been a member of USAA, I cannot remember a single instance of them sending me a solicitation of any sort. That being said, I decided to open it. Thus it read:
Dear Mr. Roane:
Rarely in our 87-year history have we turned to USAA members to weigh in with elected representatives on an issue of great importance. But, we are now.
The U.S. Senate currently is considering legislation (S.3217) that would impose new rules on the nation’s financial services industry, including USAA.
As the leading provider of financial services to America’s military community, USAA supports financial services reform.
However, the current Senate bill would disproportionally impact USAA because we are a unique and fully integrated association. USAA is not like the banks and other companies that helped bring down our economy, and we never took a penny of TARP funds. We do not engage in the harmful practices this legislation seeks to resolve.
If unchanged, the bill would:
- Prevent USAA from managing the association’s portfolio as we have for the past 87 years.
- Jeopardize our ability to continue offering many of our competitive products.
- Limit our ability to return money to our members. Last year, USAA returned $1.2 billion to our members in the form of distributions, dividends, and bank rebates and rewards.*
So, we are asking all USAA members and employees to urge their U.S. senators to amend a portion of the bill, known as the “Volcker Rule,” to eliminate its effect on a company like USAA. Please know that this legislation does not impact individual member’s investments.
Regardless of the outcome of the legislation, USAA will remain a unique and enduring association that’s all about you — the military and their families.
Please take action on this matter by immediately contacting your U.S. senator. You may click here to access a special website that will enable you to quickly send an e-mail message to your senator.
Thank you for your help and support,
Josue (Joe) Robles Jr.
Major General, USA (Ret.)
President and CEO
[I was going to post the link, but there is some private information at the bottom that I would rather not have running about. No offense.]
USAA has been my bank and my insurer for these many years for one reason. They honestly CARE for and are PROUD of the military.
To recklessly ram through (again) an intentionally complex bill through Congress – REGARDLESS of the intentions – without fully understanding and comprehending the ramifications (both intentional and unintentional) of the bill is just plain criminal.
I applaud General Robles for having the spine to stand up in the face of this Congress and Administration and ask for my help in contacting my Senators (DeMint and … Grrrr aham) in opposing this bill, not out of opposition to the majority, but rather on the merits of the bill itself.
And in light of this, I am asking you also, whether you are a USAA Member or a BoA Member or a member of your local Credit Union; please contact your Senators and tell them that you are opposed to adding regulations such as these to our laws; rather you would like to see the laws that they have already written be enforced.
Thank you. Thank you very much.