WASHINGTON--Ensuring the credit union perspective on issues before the Federal Reserve is heard by senators as they consider the latest nominee to the Fed Board, America’s Credit Unions submitted a letter to the Senate Banking Committee in advance of the nomination hearing to consider Stephen Miran as a member of the Federal Reserve Board.
While the letter notes that America’s Credit Unions is not taking a position on the nominee, it does flag several credit union advocacy priorities for the Federal Reserve ahead of the hearing, including:
- Complications with administering the Fed’s debit interchange rule following a recent court ruling. America’s Credit Unions said it continues to advocate for a complete withdrawal of the rule due to concerns with its "flawed" methodology. The association also wrote to the Fed last week to share these concerns
- The need to modernize Regulation CC’s funds availability rules to help credit unions combat check fraud. America’s Credit Unions provided detailed suggestions on updating the rules in a letter sent to the Treasury in June
- Opposition to the creation of a central bank digital currency (CBDC). America’s Credit Unions noted it supports legislation to prohibit the Fed from issuing a CBDC, which is also included in the FY26 Financial Services and General Government appropriations bill passed by the House Appropriations Committee Wednesday