Hanscom FCU CEO to represent credit unions at Senate deposit insurance hearing

Peter Rice, President and CEO of Hanscom Federal Credit Union and member of America’s Credit Unions, the Cooperative Credit Union Association, and DCUC, is set to be the sole credit union representative at a critical Senate Banking, Housing, and Urban Affairs Committee hearing on deposit insurance reform Wednesday. Rice, invited by Committee Ranking Member Elizabeth Warren, D-Mass., is set to represent his Massachusetts credit union at the hearing. Hanscom FCU is a member of America’s Credit Unions, the Cooperative Credit Union Association, and the Defense Credit Union Council.

Rice will testify on a panel featuring other representatives from First Independence Bank, First Hawaiian Bank, and Jones Day. America’s Credit Unions has long advocated for the important role the National Credit Union Share Insurance Fund (SIF) plays for credit unions and their more than 144 million members.

America’s Credit Unions President/CEO Jim Nussle reiterated support and the opportunities this hearing brings. 

“Credit unions must have a seat at the table when Congress debates deposit insurance reform. This hearing presents a clear opportunity to combine the real stories of credit union members with the hard data showing how vital our system is to Main Street,” said Nussle. “This isn’t just one credit union’s perspective, it’s the lived experience of millions of families who depend on safe, affordable financial services. Without our voice, Main Street risks being overshadowed by Wall Street. America’s Credit Unions will continue to bring both the stories and the statistics that prove why reforms must strengthen, not weaken, the Share Insurance Fund and the protection it provides to communities nationwide.” 

Why the Share Insurance Fund matters 

At the heart of this hearing is the National Credit Union Share Insurance Fund (Share Insurance Fund or SIF), which safeguards member deposits—up to $250,000 per account—backed by the full faith and credit of the U.S. government. 

America’s Credit Unions recently emphasized the following key priorities in its research and commentary on the SIF: 

• Ensuring that the NCUA employs a fair, transparent budgeting methodology that treats federal and state credit unions equitably, and restricts funding of the SIF to genuine insurance-related expenses;
• Advocating for prudent management of the SIF to maintain its equity ratio above the statutory minimum of 1.20%, without resorting to unnecessary premium increases for credit unions;
• Supporting policy changes, such as simplification of share insurance rules—including creating a clearer “trust accounts” category—to better serve members and reduce complexity; and
• Monitoring and communicating quarterly updates on the SIF’s health—speaking to its performance and equity ratios—to promote transparency and confidence in the system. 

This hearing offers a vital opportunity for America’s Credit Unions and its members to ensure that deposit insurance reform reflects the cooperative, member-first nature of credit unions. With eyes on maintaining affordability, transparency, and financial security, the organization will remain vigilant and engaged throughout the process.