WASHINGTON–It’s a quiet week in Washington with the House in recess and the Senate working a short week. Credit union attention is on the GENIUS Act in the Senate, which seeks to create a regulatory framework for stablecoins and which—while its ramifications may affect credit unions further down the road—isn’t carrying any language from the CU-opposed Credit Card Competition Act.
As Jason Stverak, chief advocacy officer with the Defense Credit Union Council, noted during a call with the media, credit unions had also been awaiting the Senate Finance Committee to release its language for the giant reconciliation bill, but that language has since been released and does not include any mention of the credit union tax exemption, as the CU Daily reports separately.
Hearing Today
DCUC said it will be monitoring a hearing by the Senate Judiciary Committee today titled “Scammers Exposed: Protecting Older Americans From Trans-national Crime Networks.”
“Obviously, this is an issue that not only DCUC and our defense credit union members but the entire credit union industry has paid close attention to,” said Stverak, adding the organization would be sending a letter for comment.
