WASHINGTON–During mark-up, the House Financial Services Committee has passed several bills that have the support of credit unions.

Passing out of the committee were:

• Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act (H.R. 2392), to create a digital assets framework. Among other things, the bill would allow credit union subsidiaries, including credit union service organizations, to serve as an appropriate subsidiary entity to issue stablecoins. 
• 1071 Repeal to Protect Small Business Lending Act (H.R. 976), to repeal the CFPB’s small business lending data collection rule, which credit unions oppose.
• Anti-CBDC Surveillance State Act (H.R. 1919), which would bar the Federal Reserve from using a central bank digital currency. 

Long Mark-Up

As the CU Daily reported, America’s Credit Unions had sent letters to the Hill outlining its respective positions ahead of the votes.

The mark-up of the STABLE Act was particularly noteworthy, as it took more than 13 hours as Democrats sought to add numerous amendments, none of which were ultimately adopted. Despite opposition from a number of Democrats, six members of the party did join with Republicans in advancing the legislation.