Washington, D.C. (April 28, 2025) |
Today, the Defense Credit Union Council (DCUC) sent a letter to the House Financial Services Committee’s Subcommittee on Financial Institutions ahead of the April 29 hearing, "Regulatory Overreach: The Price Tag on American Prosperity." Representing credit unions serving military members, veterans, and their families, DCUC highlighted the disproportionate burden that one-size-fits-all regulations place on community-based financial institutions.
In the letter, DCUC Chief Advocacy Officer Jason Stverak stressed how excessive regulatory costs—estimated at over $6.1 billion annually—divert critical resources away from serving members, particularly in military and underserved communities. DCUC warned that increasing compliance costs have accelerated the closure of small credit unions, reducing financial options for many Americans.
DCUC urges lawmakers to pursue tailored regulations that reflect institutions' size and risk profiles, streamline compliance requirements, ensure greater transparency around international standards, and alleviate burdens for credit unions of all sizes.
“Every dollar spent on unnecessary regulatory compliance is a dollar not invested in our members’ financial well-being,” says Anthony Hernandez, DCUC President/CEO. “We look forward to working with Congress to strike a balance that protects consumers without stifling community financial institutions.”
“[C]redit unions are eager and ready allies in the effort to grow America’s prosperity from the ground up. Our industry has a strong record of sound operations and dedication to our members. With thoughtful regulatory reform, credit unions can do even more to help realize broadly shared economic growth and financial inclusion,” wrote Stverak.
DCUC reaffirmed its commitment to working collaboratively with policymakers to ensure credit unions can continue their mission of promoting financial inclusion, supporting military families, and strengthening local economies.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.