WASHINGTON—A new bill that would prohibit the use of a central bank digital currency (CBDC) has been introduced in the House by Rep. Tom Emmer (R-MN). Separately, NAFCU’s executive team held a meeting with NCUA’s vice chairman.
The proposed legislation comes at the same time the House Financial Services Committee has a new subcommittee focused on cryptocurrency issues. The subcommittee is chaired by Rep. French Hill (R-AK). Emmer also serves on this subcommittee.
NAFCU noted that it is supportive of a clear regulatory framework for cryptocurrency and other financial technologies, but added it is opposed the creation of a CBDC.
NAFCU further said its view is the costs outweigh the benefits and that credit unions represent a “superior and safer alternative” for advancing financial inclusion goals and promoting affordable access to payments.
NAFCU Meets With Hauptman
Separately, NAFCU’s senior leadership met with NCUA Board Vice Chairman Kyle Hauptman to discuss multiple topics, including the federal credit union (FCU) interest rate ceiling – which the NCUA voted to keep at 18% for another 18 months during the agency’s January board meeting.
NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Petros, Chief Economist and Vice President of Research Curt Long, and Regulatory Affairs Counsel Dale Baker attended the meeting.
During the meeting the group discussed NAFCU’s interest in securing credit unions’ ability to receive money from the Greenhouse Gas Reduction (GHGR) Fund, according to the association. As CUToday.info reported, the Environmental Protection Agency (EPA) has declined to solely disburse funds through a green national bank.
Additional Discussion Points
In addition, the group reviewed NCUA’s proposed rule on financial innovation to amend the agency’s loan participation and eligible obligation regulations.
NAFCU said it also reiterated its call for the agency to amend the definition of “commercial loan” and raise the threshold for net aggregate business loans excluded from the definition of a commercial loan to better support small businesses, as well as the need to reform chartering and field of membership requirements.
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