U.S. Capitol Building
The Defense Credit Union Council (DCUC) urged lawmakers to explicitly include credit unions in legislative efforts aimed at strengthening community financial institutions, warning that reforms focused solely on banks risk overlooking a critical part of the local finance ecosystem.
The call came as House Financial Services Committee Chairman French Hill (R-Ark.) and Financial Institutions Subcommittee Chairman Andy Barr (R-Ky.) unveiled the Main Street Capital Access Act, a broad package intended to revitalize community banking, improve access to capital and modernize regulation for locally focused lenders. While DCUC welcomed the bill’s emphasis on supporting Main Street, it cautioned that excluding credit unions would undermine the goal of building resilient community finance.
“We support the goal of strengthening community financial institutions and appreciate Chairman Hill’s focus on policies that help locally focused lenders serve families, small businesses and local economies,” DCUC President/CEO Anthony Hernandez said. “Community finance is essential to Main Street, and that ecosystem includes both banks and credit unions. However, credit unions must be included and supported, not excluded again.”
DCUC Chief Advocacy Officer Jason Stverak pointed to credit unions’ track record during recent federal government shutdowns as evidence of their community role. He noted that credit unions stepped in with emergency and zero-interest loans, fee waivers, payment deferrals and financial counseling for federal employees, service members, veterans and their families, often acting as the first source of relief.
“That real-world performance is exactly why credit unions must be part of any serious effort to strengthen community financial institutions,” Stverak said. “If policymakers want resilient local finance and consumer stability during disruptions, credit unions are not optional; they are essential.”
America’s Credit Unions President/CEO Scott Simpson echoed that view, saying any comprehensive community finance package should reflect the full range of institutions serving local communities. “Credit unions serve more than 145 million Americans,” Simpson said, adding that the industry looks forward to working with lawmakers to ensure reforms are inclusive and recognize the credit union difference.
Both groups said it will continue pressing Congress to design community finance legislation that strengthens banks and credit unions side by side, ensuring broad access to safe, affordable financial services nationwide.
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