WASHINGTON– The Defense Credit Union Council (DCUC) and the CU De Novo Collective Foundation have sent a joint letter in support of HR 4544, the American Access to Banking Act.
As the CU Daily reported earlier here, the legislation was introduced in mid-July by Ranking Member Maxine Waters (D-CA) of the House Financial Services Committee.
The organizations said the legislation is necessary to address the “critical decline in new credit union formation.”
“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,” Denise Wymore, president and chair of the CU De Novo Collective Foundation, said in a statement. “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. “We’re not just advocating for new credit unions, we’re advocating for new opportunities, equity, and financial inclusion,” Wymore continued. “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.”
‘Couldn’t Be More Timely’
Added Hernandez, who is president and CEO of DCUC, in a statement, “This legislation couldn’t be more timely. 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.”
About the Legislation
Proponents of HR 4544 said the legislation seeks to modernize the regulatory framework and remove barriers that have 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,” according to the organizations.
Additional Data Points
In their statements, DCUC and CU De Novo Collective Foundation also noted:
- 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—such as 0% APR emergency loans and in-person financial counseling during deployments.
‘National Readiness Issue’
“We also have to recognize that this isn’t just a financial issue—it’s a national readiness issue,” added Hernandez in a statement. “We owe it to our military families and underserved communities that they aren’t left behind in outdated policy debates. HR 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 49–0 vote.
