WASHINGTON--The Defense Credit Union Council Tuesday wrote a letter to Maxine Waters (D-CA), ranking member of the House Committee on Financial Services, in support of H.R. 4551, the Employee Paycheck and Small Business Protection Act.
H.R. 4551 would update the federal deposit insurance framework for business transaction accounts to ensure small businesses can continue to pay their employees even if their bank or credit union unexpectedly fails. It would also enhance emergency tools for regulators like the FDIC and NCUA to manage future crises.
DCUC Chief Advocacy Officer Jason Stverak said these reforms will help protect small businesses and their employees while empowering community-based lenders, such as credit unions, to better serve local businesses in their communities.
"By modernizing deposit insurance in this way, H.R. 4551 will strengthen financial confidence for small businesses and allow credit unions to continue supporting our local economies," he said.