WASHINGTON, DC (September 9, 2025) |
The Defense Credit Union Council (DCUC) is proud to support its member credit union, Hanscom Federal Credit Union, in providing live testimony before the Senate Committee on Banking, Housing, and Urban Affairs during its hearing, “Evaluating Perspectives on Deposit Insurance Reform,” on Wednesday, September 10 at 10:00 AM EST.
Peter Rice, President & CEO, Hanscom FCU, will testify on behalf of the credit union industry, offering first-hand insights into the importance of strengthening deposit protections and expanding credit union lending capacity.
“Let’s not ask what small businesses can do to survive in our financial system, let’s ask what our financial system must do to ensure small businesses and the nation they sustain will endure. When payroll doesn't run because a bank took risks, Main Street doesn't eat. And no American worker should discover their paycheck is hostage to a bank failure,” said Rice.
“We extend our gratitude to Senator Elizabeth Warren for inviting Hanscom Federal Credit Union to share the credit union perspective on this vital issue, and we remain committed to advancing policies that safeguard and empower our member credit unions and the communities they serve,” said Anthony Hernandez, DCUC President/CEO.
DCUC recently urged Congress to take action on several key priorities to strengthen deposit protections and expand access to credit:
- Modernizing Deposit Insurance – Raising coverage limits on business operating accounts to better protect payroll and vendor funds in today’s economy.
- Ensuring Parity – Empowering the National Credit Union Administration (NCUA) with the same tools as the FDIC to safeguard deposits, eliminating any perception that credit union deposits are “second class.”
- Managing Costs Responsibly – Supporting a phased-in approach to higher coverage limits to maintain the strength of the National Credit Union Share Insurance Fund. • Unlocking Small Business Lending – Removing or easing the outdated Member Business Lending (MBL) cap, which unfairly limits credit unions’ ability to meet small business credit needs compared to banks.
- Supporting Veteran Entrepreneurs – Advocating for bipartisan efforts such as the Veterans Member Business Loan Act, which would exempt loans to veteran-owned small businesses from the MBL cap, unleashing new sources of financing for veteran entrepreneurs.
“Credit unions are pillars of Main Street and vital partners for small businesses,” says Jason Stverak, DCUC Chief Advocacy Officer. “By enhancing deposit protections and expanding credit unions’ ability to lend, Congress can fortify the economic foundation of communities nationwide, leveling the playing field between Wall Street and Main Street.”