WASHINGTON–Credit unions were given an overview of what’s happened in Washington in recent weeks and a preview of what might lie ahead during a webinar hosted by America’s Credit Unions.
The webinar featured America’s Credit Unions President and CEO Jim Nussle, Chief Advocacy Officer Carrie Hunt, and CrossState President/CEO and AACUL Board Chair Patrick Conway, and attracted more than 500 participants.
Among the issues covered:
H.R. 1 and the GENIUS Act
With the Seante returning to Washington next week, America’s Credit Unions said the process of passing the bill—already passed by the House–could start over with a completely new bill, take components of the House-passed version, or look to move the House bill through the Senate with minimal changes, Nussle said.
America’s CUs noted that with both President Donald Trump and Senate Majority Leader John Thune (R-SD) indicating they want the bill through the Senate by July 4, the U.S. expected to hit the debt ceiling in mid-August, and a “conference committee needed to iron out any differences between House and Senate versions,” the bill could be on the president’s desk anytime between July 4 and the August recess.
“There’s no question that staying out of the House version was the biggest battle if we were going to have any chance of success,” Nussle said. “But there are still some perilous moments that may raise their head either in the Senate, or when the Senate and House come together to work out the differences, that’s why your continued engagement is so important.”
The Senate Focus
Added Conway, “Leagues across the country, with their credit union leaders, are really focused now on the Senate side. Our message to the House has been ‘thank you,’ and on the Senate side we need to address the growing misconception that credit unions operate just like banks, and ought to be taxed like banks. It’s just not true. Talking about the credit union difference on the Senate side is our key focus at the league level.”
The Poison Pill
Hunt provided additional details on the organization’s advocacy strategy outside of the tax fight, which includes fighting “poison pill” amendments as the Senate considers the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582), according to America’s Credit Unions.
As the CU Daily has reported, the amendment offered by Sen. Roger Marshall (R-KS)–essentially the Credit Card Competition Act–would mandate the use of third-party credit card payment networks (using language from his Big Box Bailout bill from last Congress).
As the CU Daily also reported, Sen. Josh Hawley (R-MO) offered an amendment that would cap credit card interest rates at 10%.
“Relative to all these amendments, we’re still in the period where they can be filed, we’ll have a clearer picture next week of the totality of amendments,” Hunt said. “We certainly think it is helpful for members of the Senate to hear from credit unions, we have to express our opposition to amendments we don’t like and have designed our grassroots for different messages when needed.”
