WASHINGTON, D.C (July 22, 2025) |
Yesterday, the Defense Credit Union Council (DCUC), sent a letter of support to Rep. Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, commending her leadership in introducing the American Access to Banking Act (H.R. 4544).
The legislation aims to expand financial access by encouraging the formation of new financial institutions, including credit unions, and removing barriers that have historically impeded the chartering of de novo credit unions.
In the letter, DCUC commended the bill’s comprehensive and inclusive approach, which addresses many long-standing challenges facing emerging credit unions—particularly those serving rural, underserved, and defense-connected communities.
“By streamlining chartering, improving regulatory coordination, and fostering mentorship, this legislation turns a daunting process into a guided path for success,” said Jason Stverak, DCUC Chief Advocacy Officer. “This bill will help ensure that more communities—especially those near military bases and in financial deserts—have access to affordable, mission-driven financial services.”
Stverak noted in the letter that over the past decade, the formation of new credit unions has declined dramatically, raising concerns about diminished consumer choice and access. DCUC believes that Water’s bill confronts these issues through several critical provisions:
- Streamlined Chartering through simplified application processes
- Flexible Capital Formation options for startup credit unions
- Dedicated Regulatory Caseworkers to guide new entrants
- Mentorship Programs to pair new organizers with experienced institutions
- Improved Federal–State Coordination for dual-chartering efficiency
“This is a pivotal moment for the future of credit unions,” said Anthony Hernandez, DCUC President/CEO. “We commend Congresswoman Waters for her leadership and vision. The American Access to Banking Act recognizes the essential role credit unions play in promoting financial inclusion, particularly for those who serve in uniform and the communities that support them. We’re proud to support this bill and stand ready to help move it forward.”
DCUC further expressed its interest in working closely with Rep. Waters and the House Financial Services Committee to refine the legislation, ensuring it delivers maximum impact.
DCUC has requested a meeting with the Congresswoman’s staff to offer additional insights and explore opportunities to strengthen the bill’s provisions.
Stay up to speed with DCUC’s advocacy and representation at dcuc.org/news.