WASHINGTON–Digital assets and stablecoin legislation were the focus of America’s Credit Unions’ Emerging Issues Committee during a Wednesday meeting, according to the trade group.
Members discussed the NCUA’s second proposed rule to implement the GENIUS Act, where the CLARITY Act stands in Congress, and cybersecurity and AI capabilities for fraudulent activity, America’s Credit Unions said.
“On GENIUS Act implementation, the discussion covered the substantive requirements that would apply to a permitted payment stablecoin issuer (PSSI) and govern stablecoin-related activities of credit unions subject to the NCUA’s jurisdiction,” ACU reported. “The discussion included questions about how the act could impact operations. Members provided thoughts and concerns on the proposed rule’s assessments of minimum capital requirements and more.”
Members also heard an update on the CLARITY Act’s status in Congress, with America’s Credit Unions noting that most news reporting suggests “this is a key priority for the White House, with a hard deadline of July 4 for passage.”
Working With Senate
According to America’s Credit Unions, and as the CU Dailly has reported, it has been working with Senate Banking Committee staff to provide parity for credit unions in the bill. It said it “continues to work to ensure proper technical fixes to achieve the best result. America’s Credit Unions has also cautioned against adopting language that permits yield-bearing stablecoins to compete directly with deposits.”
Lastly, the Emerging Issues Committee touched on recent cybersecurity and AI developments, namely the recently released Anthropic Mythos model, America’s Credit Unions said, adding that the group discussed measures like industry education and what role the NCUA should play in terms of assisting credit unions in preparation for the rollout of advanced AI models.
The group also addressed upcoming comment letters due in June to the Federal Reserve, FinCEN, and Treasury.
The next meeting for the Emerging Issues Committee is July 29.
