The Defense Credit Union Council (DCUC) has expressed its support for H.R. 4551, the Employee Paycheck and Small Business Protection Act, in a letter to House Financial Services Committee Ranking Member Maxine Waters. This legislation addresses long-standing gaps in deposit insurance coverage for business accounts and ensures credit union parity during financial emergencies.
“We commend Representative Waters and committee members for their leadership in introducing this legislation,” says Jason Stverak, DCUC Chief Advocacy Officer. “H.R. 4551 offers timely, prudent reforms to modernize deposit insurance, protect small businesses and their employees, and strengthen confidence in community-based financial institutions.”
DCUC’s letter notated that for decades, small businesses have faced a dangerous gap in deposit insurance coverage. Under current law, business accounts are insured up to the same $250,000 limit as personal accounts—leaving companies with larger payroll or operating balances at risk in the event of institutional failure. H.R. 4551 directs regulators to raise that threshold for business transaction accounts and empowers both the FDIC and the National Credit Union Administration (NCUA) with enhanced tools to protect depositors during crises.
The DCUC also sent a letter of support to Rep. Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, commending her leadership in introducing the American Access to Banking Act (H.R. 4544).
The legislation aims to expand financial access by encouraging the formation of new financial institutions, including credit unions, and removing barriers that have historically impeded the chartering of de novo credit unions.
In the letter, DCUC commended the bill’s comprehensive and inclusive approach, which addresses many long-standing challenges facing emerging credit unions—particularly those serving rural, underserved, and defense-connected communities.
“By streamlining chartering, improving regulatory coordination, and fostering mentorship, this legislation turns a daunting process into a guided path for success,” said Jason Stverak, DCUC Chief Advocacy Officer. “This bill will help ensure that more communities—especially those near military bases and in financial deserts—have access to affordable, mission-driven financial services.”
Additionally, the DCUC has launched a strategic and targeted ad campaign in Punchbowl News to defend military members against harmful credit card legislation—including the Durbin-Marshall “Credit Card Competition Act” (CCCA) and a proposed 10% interest rate cap—with attempts to attach the mandates to the Fiscal Year 2026 National Defense Authorization Act (NDAA).
The ads, which appear across Punchbowl News AM, Midday, and PM newsletters, direct lawmakers and readers to a recent advocacy letter DCUC sent to both House and Senate Armed Services Committee leaders. The letter strongly urges Congress to reject the CCCA and interest rate cap proposals, stressing their potential to harm military families by limiting access to affordable, regulated credit and stripping away fraud protections and financial support services credit unions provide to these communities.
“Our nation’s military families deserve policies that strengthen their financial security—not jeopardize it,” said Anthony Hernandez, DCUC President/CEO, and (Ret.) Colonel, U.S. Air Force. “The proposals under consideration would hinder the ability of credit unions to serve their military members and communities with the safe, dependable, and mission-driven credit solutions.”
Jason Stverak, DCUC Chief Advocacy Officer, added: “DCUC is working tirelessly to ensure these harmful amendments don’t make their way into the NDAA. We’re making our voice heard now just as we’ve done in previous years to urge Congress to reject these proposals and protect those who serve our country.”
Credit unions play a critical role in supporting servicemembers’ financial readiness—offering responsible lending, financial literacy programs, base financial readiness and support, and tailored cardholder benefits. The CCCA and interest rate cap proposals would threaten those services and undermine the trusted credit union model that many military families and base communities rely on.
DCUC’s ad campaign will run throughout the week, spotlighting DCUC’s commitment to ensuring Congress puts military readiness and financial well-being first. View the ad in the Punchbowl News AM – July 21 Edition, and read DCUC’s full letter here.
Stay up to speed with DCUC’s advocacy at dcuc.org/advocacy.