WASHINGTON–The Credit Card Competition Act, which is strongly opposed by credit unions, will not be added as an amendment to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in the Senate. But it doesn’t mean the legislation won’t be attached to another bill.
Credit unions and other financial services organizations have been fighting the addition of the CCCA by Sen. Roger Marshall (R-KS), calling it a “poison pill” when it comes to support for the GENIUS Act.
Cloture Filed
Now, Senate Majority Leader John Thune (R-SD) has filed for a second cloture vote without Marshall’s amendment, noted America’s Credit Unions, which added that Thune also filed an amendment tree that would limit the ability of additional amendments without unanimous consent.
There will be 30 hours of debate on the GENIUS Act before the cloture vote.
The Defense Credit Union Council (DCUC) has been cautioning that Marshall is likely to look to the National Defense Authorization Act, another huge, must-pass bill, as the next piece of legislation to possibly carry the CCCA, which is co-sponsored by Sen. Richard Durbin (D-IL).
The Argument
Credit unions argue the CCUA would harm consumers, financial institutions, and small businesses while benefiting the largest retailers. In the case of financial institutions, it would drive down interchange, even though it applies only to institutions of more than $100 billion in assets.
CU Support for TRAPS Act
Separately, citing more than $63 million in reported losses in Idaho alone due to payment scams in 2024, Sen. Mike Crapo (R-ID) and Sen. Mark Warner (D-VA) have introduced the bipartisan Task Force for Recognizing and Averting Payments Scams (TRAPS) Act, which would create a task force to combat the growing issue of payment scams.
America’s Credit Unions is among the groups supporting the bill.
In making the announcement, the senators pointed to the Federal Trade Commission (FTC), which reported losses to fraud have soared 25% over the last year to $12.5 billion nationwide.
Sens. Jerry Moran (R-KS) and Raphael Warnock (D-GA) are co-sponsors of the legislation.
“Criminals continue to target vulnerable Americans through creative ways to trick them out of their hard-earned money,” Crapo said in a statement. “We can–and should–better equip law enforcement and regulators with the tools to go after scammers and prevent scams before they happen.”
The Specifics
Specifically, the senators said the TRAPS Act would:
- Create a task force, chaired by the U.S. Department of the Treasury and composed of the prudential regulators, the Consumer Financial Protection Bureau, the Federal Communications Commission, Federal Trade Commission, U.S. Department of Justice and representatives from industry.
- Direct the task force to examine the payments landscape and compile a report to recommend legislative and regulatory changes, including best practices to coordinate state, local and federal efforts.
- Require the task force to update the report annually for three years.
The Supporters
The TRAPS Act is supported by AARP, Early Warning Services, Electronic Transactions Association, GoWest Credit Union Association, American Bankers Association, Consumer Bankers Association, National Bankers Association, the Defense Credit Union Council and America’s Credit Unions.
Statement from America’s CUs
“Payment scams are an unfortunate reality for many consumers, and despite credit unions’ member education and preventative technologies, scammers continue to try to steal Americans’ hard-earned money. America’s Credit Unions supports Senators Crapo and Warner’s Task Force for Recognizing and Averting Payment Scams (TRAPS) Act,” America’s Credit Unions’ President and CEO Jim Nussle said in a statement. “The creation of an inter-agency task force focused on identifying effective measures to prevent payment scams is exactly the kind of commitment needed to stop scammers. We are extremely grateful for the inclusion of credit union representatives, from the NCUA and industry, on this task force who will advise and provide the credit union perspective to help keep consumers’ money safe.”
Statement from GoWest
“We thank Senator Crapo and the bill’s co-sponsors for their leadership and commitment, not just to credit union members, but to all consumers and the long-term integrity of our financial system,” Troy Stang, president and CEO, GoWest Credit Union Association, said in a statement. “The TRAPS Act reflects the credit union movement’s deep-rooted priority: protecting the safety and security of our members and communities. This legislation is a smart, holistic approach to identifying and seeking solutions to actively combat and put a stop to the fraud that is eroding the financial security of Americans.”
Other DCUC Activities
Separately, in Washington, the Defense Credit Union Council noted it also:
- Joined with other groups to send a joint letter to every U.S. Senator that opposes any proposals that would threaten the not-for-profit tax status of credit unions.
- Delivered a comprehensive outline with comments to Armed Services Committee leaders in both chambers of Congress, detailing eight critical priorities for the FY2026 National Defense Authorization Act (NDAA). “This includes preserving the credit union federal tax status, opposing harmful interchange proposals, expanding veteran lending access, and ensuring financial readiness empowered by America’s credit union movement remains recognized as a key player in overall military mission success,” DCUC said.
- Submitted testimony to two House Appropriations Subcommittees ahead of hearings with HUD and DoD leadership, advocating for stronger access to affordable housing and increased awareness of VA home loan benefits. “Housing insecurity doesn’t just affect families—it impacts retention, readiness, and the strength of our entire force,” said DCUC President and CEO Tony Hernandez in a statement.
All off the DCUC letters and more can be found at https://www.dcuc.org/lettersandcomments.
