WASHINGTON--It's been a good week for credit unions on Capitol Hill, the Defense Credit Union Council pointed out.
"We've seen a series of key victories that we believe reinforce the strength and unity of the credit union movement, protect the communities we serve, and signal just how impactful bipartisan cooperation can be on Capitol Hill," said DCUC Chief Advocacy Officer Jason Stverak, adding that two major wins stood out:
The Senate’s passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) — which moved forward without the Durbin-Marshall amendments related to interchange fees.
"We count this as a solid victory after pressing our concerns to key committees ahead of hearings and official votes. We don't expect the fight against the flawed CCCA/interchange proposals to be over anytime soon, and will be monitoring new attempts in the coming months with other legislation," Stverak said.
Stverak said DCUC has already advised it members on how to prepare for stablecoin issuance:
- Assess Eligibility – Determine if your credit union could qualify as a “permitted payment stablecoin issuer” under the GENIUS Act: S.394 (23).
- Evaluate Infrastructure – Consider what tech and operational updates would be needed to support stablecoin transactions, including wallet integration and compliance systems.
- Engage with Regulators – Stay informed on forthcoming guidance from NCUA and other relevant agencies on how to stay compliant and competitive.
The Senate also released its draft of the budget reconciliation bill, without any threats to the credit union tax status.
"This is a huge victory in preserving the ability of credit unions to continue offering affordable, mission-driven financial services," Stverak reminded.
Stverak added that DCUC applauds the CFPB’s decision to extend the compliance timeline for its small business lending rule 1071.
"This move gives financial institutions — particularly smaller ones — more breathing room to prepare, align systems, and plan effectively, all while continuing to serve small business borrowers," he said.
“This has been a remarkable week for credit unions and, more importantly, for the people and communities we serve," said DCUC President/CEO Anthony Hernandez. "These victories prove what we can accomplish when we work together — and remind us of the vital role advocacy plays in protecting access to fair, responsible, and cooperative financial services."