On July 21st, 2025, ranking member of the House Financial Services Committee Maxine Waters (D-CA) introduced H.R. 4544, the “American Access to Banking Act.”
The bill aims to support the creation of de novo community financial services institutions, including credit unions and community banks— especially Community Development Financial Institutions, Minority Depository Institutions, and rural depository institutions, which bring financial services to underbanked communities.
Waters cited overall industry consolidation, a lack of new financial institutions, and a decrease in the regulation and oversight of large banks as the main drivers for the bill.
“As Trump regulators resume rubber stamping massive bank mergers, like the recent Capital One-Discover deal, and begin rolling back oversight for our largest banks and nonbank financial companies, it’s critical that the United States encourages the creation of new community banks and credit unions to compete and serve our communities,” said Ranking Member Waters. “My bill is designed to do just that.”
“By advancing solutions to key concerns raised by those who are trying to start a new community financial institution, Congress can support the creation of more community financial institutions…and ensure that historically excluded communities across the country have access to equitable and affordable financial services. As we know, community banks and credit unions serve as both a backbone and lifeline for underserved areas, filling critical gaps and expanding credit to families in need as well as entrepreneurs looking to start a small business,” Waters concluded.
America’s Credit Unions submitted a letter to Waters in support of the bill on the same day as its introduction. In the letter, President/CEO Jim Nussle praised Waters for addressing “persistent and burdensome challenges” that face de novo institutions.
“Thank you for your leadership on the critical issue of fostering more de novo banks and credit unions. The rapid consolidation of financial institutions in our country is leading to less competition, less innovation, and fewer choices for consumers. We applaud your efforts to reverse this trend by making it easier for new financial institutions to be chartered,” wrote Nussle.
Chief Advocacy Officer Carrie Hunt of America’s Credit Unions also released a statement of support for the bill, echoing Nussle’s sentiments, while also calling on the Committee to support existing credit unions as much as they are de novo ones.
“We applaud Congresswoman Maxine Waters for introducing the American Access to Banking Act, which takes meaningful steps to remove unnecessary barriers facing de novo credit unions. We are always supportive of legislation that responds to the need for de novo institutions in the midst of an ever-evolving financial landscape,” said Hunt.
“Additionally,” Hunt continued, “we want to ensure that current credit unions already serving more than 144 million people have the resources they need to survive and thrive today—whether that’s by lowering the cost of doing business, fighting fraud, reducing regulatory burdens, or addressing the challenges both existing and new credit unions face. We look forward to working with Ranking Member Waters to support the viability of new credit unions, while also remaining laser focused on strengthening the backbone of the financial services system: the thousands of community-based institutions making a difference across the country.”
