DCUC Supports Main Street Capital Access Act, Encourages Follow-Up Credit Union Legislative Package

Council praises meaningful regulatory reforms and offers to partner with Congress on the next phase of legislation for credit unions.

WASHINGTON, DC - The Defense Credit Union Council today announced its support for H.R. 6955, the Main Street Capital Access Act, and urged Congress to pass the legislation. In a letter to House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters, DCUC also encouraged the Committee to build on the bill’s progress with a future legislative package focused on the distinct needs of credit unions. Chairman Hill and Ranking Member Waters currently lead the House Financial Services Committee.

The Main Street Capital Access Act contains practical reforms intended to improve regulatory tailoring, examination fairness, supervisory transparency, and agency accountability. Several provisions expressly include the National Credit Union Administration and would benefit credit unions and their members. The bill would require regulators to account for an institution’s risk profile and business model, establish clearer and more reviewable CAMELS standards, improve examination timeliness, strengthen independent review of material supervisory determinations, clarify that regulatory guidance is not legally binding, and require more frequent reviews of accumulated regulatory burdens.

“The Main Street Capital Access Act represents real progress for community financial institutions and deserves our support,” said Jason Stverak, DCUC Chief Advocacy Officer. “Its risk-based regulatory standards, examination reforms, and greater supervisory accountability will help credit unions operate more efficiently and devote more resources to serving their members. We hope Congress will build on this momentum with a focused credit union legislative package, and DCUC stands ready to work with Chairman Hill, Ranking Member Waters, and members on both sides of the aisle to help develop and advance it.”

Section 303 is among the bill’s most important provisions for credit unions. It would provide qualifying, well-managed, and well-capitalized institutions with less than $6 billion in assets with alternating limited-scope examinations and the opportunity to combine certain safety-and-soundness, information-technology, cybersecurity, and consumer-compliance examinations. These reforms would reduce unnecessary duplication while maintaining strong safety-and-soundness oversight.

DCUC’s letter emphasizes that the bill should be viewed as an important step in a broader effort to strengthen all community financial institutions. While H.R. 6955 includes meaningful provisions for credit unions, much of the legislation appropriately addresses statutes and regulatory structures specific to banks. A subsequent credit union package would give Congress an opportunity to apply the same focused attention to the unique structure of member-owned, not-for-profit financial cooperatives.

“DCUC appreciates the Committee’s leadership and the meaningful credit union provisions included in this legislation,” said Anthony Hernandez, DCUC President and CEO. “For defense credit unions and the military communities they serve, financial readiness is mission readiness. Nearly 146 million Americans are members of federally insured credit unions, and they deserve a modern legislative framework that recognizes the institutions they own and rely upon. We believe Congress can pass H.R. 6955 and then work constructively on a dedicated credit union package. DCUC looks forward to being a positive and engaged partner in that effort.”

Federally insured credit unions reported 145.8 million members as of the first quarter of 2026. DCUC represents more than 200 defense-affiliated credit unions serving over 40 million members worldwide, including active-duty servicemembers, members of the National Guard and Reserve, veterans, Department of Defense civilians, military retirees, and military families.

DCUC identified several areas that could form the foundation of future credit union legislation, including charter-appropriate assistance for de novo credit unions, permanent modernization of the Central Liquidity Facility, expanded lending opportunities for veteran-owned small businesses, responsible fintech and credit union service organization modernization, and more predictable application and merger-review timelines.
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The organization also welcomed the bill’s requirement that the NCUA study partnerships between credit unions and financial-technology companies. DCUC believes that study can provide a useful foundation for subsequent legislation establishing clear and responsible authority for credit unions and credit union service organizations to pursue technology partnerships, strengthen cybersecurity, improve member services, and remain competitive in a rapidly changing financial marketplace.

DCUC emphasized that follow-up credit union legislation would complement—not diminish or delay—the reforms contained in H.R. 6955. Community banks and credit unions both serve local communities, support consumers and small businesses, and contribute to a diverse and resilient financial system.

“H.R. 6955 should be treated as a milestone rather than the conclusion of Congress’s work on community financial-services modernization,” Stverak added. “DCUC supports the bill, urges its passage, and welcomes the opportunity to help Congress take the next step by developing thoughtful, bipartisan legislation for credit unions and the members they serve.”