WASHINGTON, D.C (August 5, 2025) |
The Defense Credit Union Council (DCUC) and the CU De Novo Collective Foundation have issued a prompt joint letter of strong support of H.R. 4544, the American Access to Banking Act, to Ranking Member Maxine Waters of the House Financial Services Committee.
In the letter, both organizations applauded her leadership in introducing legislation that addresses a critical decline in new credit union formation.
Both DCUC and CU De Novo Collective Foundation are advocating together to preserve and expand access to mission-driven, community-based financial services that credit unions provide, particularly in underserved areas and near military bases.
“Our mission is to remove the barriers that prevent new, small, and community-focused credit unions from being chartered. This bill is a vital step toward expanding financial access, especially in communities historically underserved by the banking system,” said Denise Wymore, President and Chair of the Board at the CU De Novo Collective Foundation. “At a time when so many credit unions are merging out of existence, HR 4544 gives hope to those who still believe in the power of local, cooperative financial services.”
Wymore added, “We’re not just advocating for new credit unions, we’re advocating for new opportunities, equity, and financial inclusion. The CU De Novo Collective proudly stands in support of HR 4544, the American Access to Banking Act, and we are honored to do so alongside Anthony Hernandez and the Defense Credit Union Council.”
“This legislation couldn’t be more timely,” says Anthony Hernandez, DCUC President/CEO. “New credit union formation has nearly disappeared. In 2023, only two new credit unions were chartered nationwide—even though Americans submitted over 5.5 million applications to start new businesses. Without intervention, we risk losing a key pillar of financial inclusion for underserved and vulnerable communities across America, including those belonging to our military and veteran populations.”
H.R. 4544 aims to reverse this trend by modernizing the regulatory framework and removing the barriers that have long prevented the creation of new credit unions. Key provisions of the bill include a streamlined chartering process, improved access to startup capital, dedicated regulatory support, formal mentorship programs, and enhanced federal–state coordination.
DCUC and CU De Novo Collective Foundation called attention to the unique role credit unions play in the financial ecosystem:
- Credit unions serve 43% of Americans yet hold just 7% of U.S. financial assets.
- 70% of credit union branches are in areas where banks have exited.
- For military families, defense credit unions offer essential services—like 0% APR emergency loans and in-person financial counseling during deployments.
“We also have to recognize that this isn’t just a financial issue—it’s a national readiness issue,” adds Hernandez. “We owe it to our military families and underserved communities that they aren’t left behind in outdated policy debates. H.R. 4544 ensures the credit union movement continues to grow, innovate, and reach those who need it most.”
The bill recently passed the House Financial Services Committee with unanimous bipartisan support (49–0), signaling broad consensus on the need to foster more inclusive financial institutions.
DCUC and CU De Novo Collective Foundation stand ready to support final passage of this vital legislation and to work with lawmakers and regulators to ensure its successful implementation.
Stay up to speed with DCUC’s advocacy and representation at dcuc.org/news.