DCUC Shares Credit Unions’ Role in Financial Security Amid Congressional Debanking Hearings

WASHINGTON, D.C. – Yesterday, the Defense Credit Union Council (DCUC) sent a letter to the House Financial Services Committee and Oversight and Investigations Subcommittee ahead of the hearing, “Operation Choke Point 2.0: The Biden Administration’s Efforts to Put Crypto in the Crosshairs.”
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DCUC Chief Advocacy Officer Jason Stverak highlighted concerns over debanking, where financial institutions unfairly restrict or terminate services, disproportionately harming small businesses, entrepreneurs, military families, and veterans. Stverak shared how credit unions continue to offer financial access and stability, unlike large for-profit banks driven by corporate risk models.

DCUC’s letter outlined to Congressional leaders how credit unions, as member-owned, community-focused institutions, protect their members against debanking, including:

• Promoting financial inclusion for underserved communities, including veterans and small businesses.
  
• Offering fair, transparent banking without arbitrary service terminations.
  
• Supporting military families as big banks withdraw from installations or bases.
  
• Providing capital to small businesses often denied by larger institutions.

In support of the letter, Stverak shared DCUC’s recent CU Today article further detailing how credit unions serve as a financial safety net, prioritizing relationships over risk modeling.

DCUC urges Congress to support policies that empower credit unions to continue offering fair and inclusive financial services without being pressured into harmful de-risking behaviors.

DCUC will continue to emphasize the essential role credit unions play in financial inclusion and urge Congressional leaders to recognize their contributions to the public good.

For more information, please contact Jason Stverak at [email protected] and visit dcuc.org/advocacy.