WASHINGTON--The Defense Credit Union Council Monday sent letters to the House Financial Services and Small Business Committee, the first being a comprehensive letter to HFSC leaders detailing its support and recommendations on several financial services bills under consideration.
DCUC’s Chief Advocacy Officer Jason Stverak wrote to the committee’s leaders explaining each bill’s implications for credit unions and the military communities they serve. DCUC called attention to the need for modernization, smarter regulation, and capital access that benefits servicemembers, veterans, and their families.
DCUC’s primary positions and recommendations:
- H.R. 3074 – Common Cents Act: DCUC supports ending the costly production of pennies, citing minimal impact on consumers and benefits to taxpayers
- H.R. 3390 – Discount Window Modernization: DCUC commends efforts to modernize Federal Reserve emergency lending, recommending interagency collaboration with NCUA to improve credit union liquidity tools
- H.R. 3446 – FDIC Board Accountability Act: DCUC supports reforms that prioritize community banking experience and term limits, promoting balanced governance even though credit unions are regulated by NCUA
- H.R. 3673 – Small Business Investor Capital Access Act; H.R. 4429 – DEAL Act; H.R. 4430 – Expanding WKSI Eligibility Act; H.R. 4431 – ICAN Act; H.R. 4449 – Advocating for Small Business Act: DCUC supports each of these bills as they expand capital access for startups and small businesses and as key drivers for local economic development; would serve as tools that benefit military entrepreneurs and underserved communities
- H.R. 4437 – SMART Act; H.R. 4478 – TRUST Act; H.R. 4460 – SAFE Act: Regulatory Clarity and Right-Sizing: DCUC strongly supports these bills, which would reduce regulatory burden on well-run community institutions and restore clarity around guidance
- H.R. 4544 – American Access to Banking Act: DCUC supports this bill’s emphasis on easing chartering of new credit unions and banks, particularly in underserved areas
- Committee Resolution – Task Force on Monetary Policy: DCUC supports reestablishing this bipartisan Task Force to promote dialogue and oversight of economic trends.
In addition to its comments to the Financial Services Committee, DCUC also wrote to the House Small Business Committee ahead of the upcoming hearing, “American Resilience: Examining SBA Disaster Assistance Programs.” DCUC highlighted how credit unions, as not-for-profit, member-owned institutions, are often the first financial responders in disaster-stricken areas – and they remain long after headlines fade.
DCUC cited examples including Tyndall FCU’s direct relief efforts after Hurricane Michael, Puerto Rico’s cooperativas reopening within 48 hours of Hurricane Maria, and credit union responses to wildfires in Washington, Hawaii, and California.
DCUC also noted how institutions like Navy Federal Credit Union activate automatic disaster relief programs that include expedited cards, deferred payments, and emergency loans – ensuring uninterrupted service for servicemembers and veterans.
Additionally, DCUC’s letter called attention to credit unions serving as vital partners in small business recovery. Stverak shared that during the COVID-19 pandemic, credit unions provided 87% of PPP loans to new borrowers turned away elsewhere, and 70% of those loans went to businesses with five or fewer employees, proving their reach into Main Street America.
DCUC called on Congress and the SBA to:
- Include credit unions as partners in SBA-guaranteed disaster loan programs
- Temporarily lift the member business lending cap during disasters
- Streamline processes for credit union participation in SBA relief
- Leverage credit unions’ local knowledge to reach underserved communities
“Credit unions serve as lifelines when disaster strikes,” said Stverak. “We hope SBA and Congress will fully utilize the power of credit unions to deliver targeted, timely recovery assistance to the communities and military families credit unions serve.”
DCUC also commended the House Small Business Committee for focusing on improving Small Business Administration programs, prioritizing reforms to better support for the nation’s veteran entrepreneurs, especially in underserved and rural areas.