WASHINGTON—The Defense Credit Union Council and the CU De Novo Collective Foundation have sent a joint letter to House Financial Services Committee Ranking Member, Rep. Maxine Waters (D-CA) expressing support for H.R. 4544 – the American Access to Banking Act.
The bill passed the House Financial Services Committee unanimously (49–0) and aims to revive the creation of new credit unions—a process that has virtually stalled, with only two new charters in 2023, DCUC noted.
“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,” said Denise Wymore, president and chair of the board at the CU De Novo Collective Foundation. “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 added. “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.”
“This legislation couldn’t be more timely,” said Anthony Hernandez, DCUC president/CEO. “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.
“We also have to recognize that this isn’t just a financial issue—it’s a national readiness issue,” added Hernandez. “We owe it to our military families and underserved communities that they aren’t left behind in outdated policy debates. H.R. 4544 ensures the credit union movement continues to grow, innovate, and reach those who need it most.”