WASHINGTON — The Defense Credit Union Council is applauding House passage of three financial services bills it said would improve operational efficiency, strengthen competition and protect consumer privacy, while urging the Senate to take up the measures.
According to DCUC, the House on Tuesday approved the Common Cents Act (H.R. 3074), the Failing Bank Acquisition Fairness Act (H.R. 6556) and the Protecting Privacy in Purchases Act (H.R. 1181). The first two bills passed by voice vote, while the privacy measure cleared the chamber on a 221-201 vote.
“These bills address distinct parts of the financial system, but they advance the same practical objectives: greater efficiency, fair competition, clear operating rules, and respect for consumers’ financial privacy,” DCUC Chief Advocacy Officer Jason Stverak said in a statement.
As the CU Daily previously reported, the Common Cents Act, sponsored by House Republican Conference Chair Lisa McClain (R-MI) would direct the Treasury Department to end production of pennies for general circulation while keeping existing one-cent coins legal tender. The trade group said the change could reduce costs associated with handling, transporting and processing low-value coins while providing consistent national guidance for financial institutions.
Support for FBAFA
The organization also backed the Failing Bank Acquisition Fairness Act, sponsored by Rep. Stephen Lynch (D-MA), saying it would require federal regulators to more carefully evaluate bids from qualified institutions before allowing concentration-limit waivers in failed-bank acquisitions. DCUC said the bill would promote competition and could help preserve opportunities for credit unions to acquire community banks in voluntary transactions.
In addition, DCUC praised passage of the Protecting Privacy in Purchases Act, sponsored by Rep. Riley Moore (R-WV). The measure would prohibit payment card networks from requiring merchant category codes that specifically identify firearms retailers while establishing a uniform federal standard governing such codes.
According to DCUC, the legislation would reduce compliance challenges created by differing state requirements while preserving financial institutions’ ability to detect fraud, money laundering, cybersecurity threats and other suspicious activity.
Senate Urged to Act
DCUC said it is urging the Senate to consider all three measures and said it will continue working with lawmakers and regulators to ensure implementation reflects the operational needs of credit unions, particularly those serving military communities.
