WASHINGTON--The Defense Credit Union Council said it has engaged the Senate Committee on Banking, Housing, and Urban Affairs ahead of tomorrow’s hearing, “Evaluating Perspectives on Deposit Insurance Reform,” reiterating the importance of ensuring small business deposits are adequately protected and that credit unions receive full parity with banks in deposit insurance coverage and emergency authorities.
In a letter to Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA), DCUC provided comments ahead of the discussion and commended the Committee for including Hanscom Federal Credit Union’s president and CEO Peter Rice as a key witness on behalf of credit unions and their 144 million members nationwide.
“[DCUC’s] mission is to advocate for the interests of credit unions that serve America’s servicemembers and their families, and the issues before the Committee profoundly affect not only those institutions, but all credit unions and the communities they support,” wrote Jason Stverak, DCUC chief advocacy officer. “We commend you for examining deposit insurance reforms, and we stand ready to be a constructive resource as you consider improvements.”
“Yesterday’s confirmation of Hanscom FCU’s testimony at the hearing is a tremendous win for two reasons,” said Anthony Hernandez, DCUC president/CEO. “First, it highlights the impact of our members and the credit union mission. DCUC’s advocacy is designed for moments like this…to ensure that credit unions are a part of key discussions that evaluate how financial institutions serve the American public. We knew banks would be testifying, so we made sure credit unions were represented, too.
“Second, this underscores the willingness of Congressional leaders to hear directly from local financial institutions that are helping small businesses and communities thrive," continued Hernandez. "Our team is working closely with Hanscom to support tomorrow’s hearing and celebrate this shared achievement. We are confident that Peter’s testimony will deliver valuable insights and perspectives that reflect the strength and commitment of credit unions nationwide.”