WASHINGTON–For all their differences, credit unions and community banks have some concerns in common with one piece of legislation, and you can bet a stablecoin on it.

During a call with the media, Carrie Hunt, chief advocacy officer with America’s Credit Unions, said the two constituencies are keenly interested in the STABLE Act in the Senate—and companion legislation in the House—for several common reasons.

“For America’s Credit Unions we want credit unions to have as many tools in the toolbox as possible and want to ensure that credit unions have parity with other financial institutions,” said Hunt. “We certainly do share the community banks’ perspective on that. I think this comes into the bigger question of how depository institutions are ultimately regulated versus nondepository institutions.”

Hunt said the trade group remains in discussions with the appropriate committees in Congress. Those discussions include working to ensure the Credit Card Competition Act is not attached as an amendment to the STABLE Act.

Won’t ‘Make it Out of the House’

“We are continuing our efforts to push back against the many poison pill amendments being added to that piece of legislation,” said Hunt. “We certainly believe it’s important to continue to message why this legislation will be incredibly negative for our members.” 
Hunt said if the CCCA is attached to the STABLE Act, the interchange language will not make it out of the House.