America’s Credit Unions and industry advocates are voicing strong support for the newly introduced American Access to Banking Act, led by Rep. Maxine Waters (D-Calif.). The legislation aims to eliminate barriers to establishing new credit unions, known as de novos, by reducing regulatory burdens and increasing access to essential federal tools.
In a letter to Rep. Waters, America’s Credit Unions called the legislation “an important step forward for consumers and communities,” and praised provisions that would improve transparency in the de novo chartering process, make pre-chartering groups eligible for the NCUA’s Community Development Revolving Loan Fund and clarify access to Federal Home Loan Bank services. The group noted that credit unions “fill a unique niche” and are “often the only federally insured depository institutions serving their communities.”
Carrie Hunt, chief advocacy officer for America’s Credit Unions, echoed that message, saying, “We applaud Congresswoman Maxine Waters for introducing the American Access to Banking Act, which takes meaningful steps to remove unnecessary barriers facing de novo credit unions.”
Hunt emphasized that credit unions already serve more than 144 million people, and policy must support both emerging and established institutions. “We look forward to working with Ranking Member Waters to support the viability of new credit unions, while also remaining laser focused on strengthening the backbone of the financial services system: the thousands of community-based institutions making a difference across the country.”
The letter concluded by urging Congress to advance the bill to ensure the continued growth and resilience of credit unions across the U.S.
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