WASHINGTON–Like much of Washington, credit unions continue to eye the progress of H.R. 1, the giant reconciliation bill being pushed by President Trump, as it bumps its way through the Senate.
A vote on the legislation is expected as early as today, and America’s Credit Unions reported it has been in touch with the Senate stressing a message around how credit unions make a difference in everyday families’ lives.
“For example: At Energy Plus Credit Union in Indiana, a long-time member facing big changes got the affordable loan her family needed—thanks to a personalized solution,” the trade group said as part of its message.
America’s Credit Unions also shared research it conducted that found:
- 89% of members say their financial well-being has improved
- 87% say getting a loan is easy—compared to 68% of non-members
Support for EO on Payments
Separately, America’s Credit Unions sent a letter to Treasury outlining its concerns as the U.S. moves to an electronic payments system.
In the letter, America’s Credit Unions expressed “broad support” for the Treasury’s efforts to modernize the federal payment system and transition away from paper checks toward secure electronic payments.
“The letter emphasizes the unique role of credit unions in serving vulnerable and underserved populations, highlights growing concerns over check fraud, and calls for regulatory reforms to protect consumers and financial institutions during this transition,” America’s Credit Unions said.
‘Flexible Rollout’
It is urging Treasury to ensure a flexible rollout that includes public education, fraud mitigation, and recognition of structural barriers some populations face in adopting digital payments.
