For nearly 30 years, the Marine Corps has funneled thousands of recruits into the Oceanside-based credit union during boot camp. Frontwave is now the subject of a congressional investigation into its overdraft fee practices.
In this Sept. 28, 2021, file photo, Sen. Elizabeth Warren speaks during a Senate Armed Services Committee hearing on Capitol Hill in Washington.
“The credit union still owes Congress and the public answers about exactly how much it collects each year from these tactics,” Warren said in a statement. Birnie’s explanation was light on details, stating simply that the Marine Corps Recruit Depot in San Diego “approached us in 1996 to participate in the Recruit Direct Deposit” program. The agreement has been renewed every five years since then. The letter does not state whether the agreement ever went through a competitive bidding process.Much of Birnie’s letter focused on Frontwave’s decadeslong history and touted the company’s accomplishments.
Birnie’s letter also boasts about the financial counseling the credit union provides to service members and the community. He claims that Frontwave provided “34,405 hours of instruction” to Marine recruits in 2023.
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