DCUC Expresses Support of H.R. 7647

Bipartisan Legislation Expanding Credit Union Access to Federal Home Loan Bank System

WASHINGTON, DC - The Defense Credit Union Council (DCUC) expresses strong support for bipartisan legislation introduced by Representatives Vicente Gonzalez and Brian Fitzpatrick that would expand credit union access to the Federal Home Loan Bank System (FHLB).

The lawmakers, both members of the House Ways and Means Committee, introduced H.R. 7647, the Minimizing Outdated Restrictions that Exclude (MORE) Opportunities for Homeownership Act. The legislation seeks to amend the Federal Home Loan Bank Act to expand eligibility for federally insured credit unions to improve access to low-cost liquidity, collateralized advances, and affordable housing and community investment programs under the Federal Home Loan Bank (FHLB) System.  ​

Expanding credit union participation would help ensure these member-owned institutions have equitable access to the same liquidity resources as other financial entities, particularly during periods of market disruption. 

"This is a practical, solutions-oriented step that recognizes the important role credit unions play in providing liquidity, stability, and affordable mortgage lending in communities across the country, including those serving our nation’s servicemembers, veterans, and their families,” stated Jason Stverak, DCUC Chief Advocacy Officer. “Ensuring these credit unions have equitable access to the FHLB system strengthens their ability to meet member needs during both calm and crisis.” 

Stverak added that the legislation modernizes eligibility standards in a way that reflects today’s financial services landscape. “Credit unions are already heavily regulated, safety-and-soundness focused institutions. Expanding their ability to participate more fully in the FHLB system enhances systemic stability, supports mortgage availability, and reinforces local housing markets without adding risk to taxpayers.” 

He also explained that at its core, this solution offers parity and preparedness. “When credit unions have access to diversified liquidity channels, they are better positioned to keep mortgage lending flowing, offer competitive rates, and serve families who rely on them. We commend Representatives Gonzalez and Fitzpatrick for recognizing this need and advancing a bipartisan solution. DCUC looks forward to working with Congress to move this legislation forward and ensure credit unions have the tools necessary to continue serving those who serve our country.” 

DCUC looks forward to continued collaboration with lawmakers to advance policies that strengthen the credit union system and protect the financial readiness of communities nationwide.