WASHINGTON—Credit unions will be notably absent from Tuesday’s House Financial Services Committee hearing on deposit insurance—an omission that the Defense Credit Union Council says leaves nearly half of U.S. depositors without a voice.
DCUC sent a letter to the committee over the weekend expressing “extreme disappointment” that no credit union leaders were invited to testify, despite the industry’s role serving more than 144 million members.
“If the committee wants a full and robust discussion of deposit insurance reform, there must be a voice representing credit union members,” said Jason Stverak, DCUC’s chief advocacy officer.
Stverak pointed out that the Senate Banking Committee took a more inclusive approach when examining deposit insurance on Sept. 10. During that hearing, DCUC member Peter Rice, CEO of Hanscom FCU, testified on behalf of credit unions and outlined concerns about potential structural reforms.
DCUC has provided the House committee with Wright’s testimony for the record and offered to bring Wright or other local DCUC credit union CEOs to Capitol Hill for future discussions.
Ann Petros, vice president, policy engagement and credit union operations at America’s Credit Unions, noted the committee will review a number of deposit-insurance reform ideas, including discussion of the Main Street Depositor Protection Act, introduced earlier this year by Senators Bill Hagerty and Marsha Blackburn.
“We endorsed that legislation along with the Tennessee Credit Union League, and believe it could be incredibly beneficial for credit unions by providing additional flexibility and support for deposit insurance for business accounts,” Petros said.
The hearing comes amid renewed pressure from the banking lobby, which Stverak said is using the debate to promote a draft letter urging Treasury Secretary Scott Bessent to impose Form 990 filing requirements on federal credit unions. DCUC argues the proposal is based on a “false narrative” about transparency and is intended to burden credit unions—particularly small institutions—with unnecessary reporting obligations.