WASHINGTON–With bills being marked up in Congress this week, the credit union trade groups are weighing in on several pieces of legislation.
America’s Credit Unions is expressing support for the Financial Services and General Government and National Security, Department of State, and Related Programs Appropriations Act, 2026 (HR 7006), which among other things includes full funding for the CDFI fund and the Community Development Revolving Loan Fund (CDLF).
In a letter, the trade group called on the House to advance the bill.
As the CU Daily has reported, the legislation funds the Community Development Financial Institutions (CDFI) Fund at $324 million in FY26, the same amount as FY25. Credit unions make up the greatest number of CDFIs. CUs use the funds to award grants to assist affordable housing, homeownership, small business growth
Funding for CDLRF
The legislation also funds the CDRLF at the FY26 level of $3.4 million. The CDRLF assists credit unions serving low-income communities with grants to stimulate economic activities and operate more efficiently.
As the CU Daily also reported, the Senate’s Financial Services and General Government bill also provides $324 million for the CDFI fund.
In a letter sent ahead of the Senate Banking Committee’s markup of digital assets, America’s Credit Unions shared its support for the bill, offered recommendations for changes and reiterated its opposition to stablecoin rewards.
‘Tweaks’ Suggested
Meanwhile, the Senate Banking Committee held its markup on the Digital Asset and Market Act, which would establish a market structure for digital assets.
America’s Credit Unions expressed in its letter its support for the committee’s efforts in the updated draft to “ensure inclusion of credit unions in the new digital assets marketplace, while providing additional suggested tweaks to further clarify credit union authority. “
ACU said it led efforts in working with the Committee to ensure credit union inclusion in the new draft after credit unions were left out of previous drafts.
The letter also argued that stablecoin issuers should not be able to bypass the GENIUS Act’s prohibition on offering interest or yield on stablecoins through surrogate forms of passive rewards.
Can ‘Coexist’
“We believe credit unions and stablecoin issuers can coexist and play distinct roles in a competitive digital asset market; however, such an equilibrium is threatened if stablecoins are designed to displace demand deposits as a preferred form of money,” the letter states.
Finally, America’s Credit Unions also urged the committee should also reject any “unrelated or unvetted” amendments to the Clarity Act during the marking, including efforts to establish a federal rate cap on financial products or to involve the federal government in the regulation of interchange.
As the CU Daily reported earlier, the House passed its version of the bill in July of 2025.
DCUC Submits Comments
The Defense Credit Union Council (DCUC) submitted official comments to Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott and Ranking Member Elizabeth Warren on H.R. 3633, the Digital Asset Market Clarity Act of 2025.
DCUC noted it expressed support for the bill’s goal of establishing clear rules and accountability for digital asset markets, stressing that regulatory clarity is essential to fostering responsible innovation, protecting consumers, and preventing fraud.
In its comments, DCUC called for full regulatory parity between credit unions and banks in any final legislation, noting that federally insured credit unions should be explicitly included as eligible participants in digital asset activities and that the National Credit Union Administration (NCUA) must be clearly recognized as their primary federal regulator.
‘Parity is Essential’
“Credit unions support responsible innovation, but parity is essential,” DCUC Chief Advocacy Officer Jason Stverak said in a statement. “Federally insured credit unions should have the same clear authority as banks to serve their members in the digital asset marketplace, under the supervision of their primary regulator. Anything less risks limiting competition and consumer choice.”
Added DCUC President and CEO Anthony Hernandez in a statement, ““Ensuring credit unions have the same opportunities as other community financial providers is also about preserving access. American families and underserved communities deserve safe and reliable choices within the regulated system, not fewer, and not riskier alternatives.”
Support & Opposition
DCUC said it specifically supports provisions clarifying that payment stablecoins are not deposits and that digital assets held in custody should not be treated as balance-sheet liabilities. However, DCUC noted it cautioned against allowing yield-bearing stablecoins that could drain deposits from regulated financial institutions and weaken local lending.
DCUC said it is also opposed any proposals to attach unrelated policy measures to the legislation, including an “arbitrary” 10% credit card interest rate cap, or the recently reintroduced Marshall-Durbin Credit Card Competition Act.
“DCUC reminds that these proposals would restrict access to credit, particularly for young servicemembers and lower-income households, and reduce resources credit unions rely on for fraud prevention and consumer protection,” the organization said.
“DCUC believes H.R. 3633 represents an important step toward establishing a coherent federal framework for digital assets,” DCUC added. “With modest but critical refinements to ensure credit union parity, regulatory clarity, and consumer protection, this legislation can promote innovation while preserving safety, competition, and access to credit.”
