WASHINGTON—With the Senate expected to consider the stablecoin GENIUS Act this week, the Defense Credit Union Council and America’s Credit Unions are lobbying to make sure the Credit Card Competition Act (CCCA) is not added to the bill.
As CUToday.info reported, Sen. Roger Marshall’s (R-KS) effort to have the CCCA added as an amendment to the GENIUS Act has apparently failed. Senator John Thune (R-SD) intends to file for cloture Monday, which means if the Senate gets enough votes to back the GENIUS bill, they will then move to 30 hours of debate on the bill and likely vote on the GENIUS act Wednesday, DCUC Chief Advocacy Officer Jason Stverak explained.
But Stverak emphasized that efforts to fight Marshall’s amendment cannot stop.
“I am fairly confident today (about Marshall’s latest effort failing),” Stverak said Monday. “But as with everything in Washington, things can change in a moment’s notice. But I think we have successfully advocated against the amendment. So, next is the NDAA (National Defense Authorization Act), as Marshall will likely look to tag the CCCA onto that.”
ACU SVP of Advocacy Greg Mesack noted that no amendments, including Senator Josh Hawley’s (R-MO) bill that would cap credit card interest rates at 10%, will likely be added to the GENIUS Act.
“The GENIUS Act is a major Trump priority. So, we still think this bill will pass this week as the Senate needs to clear it so they can move on to other things,” Mesack said.
Of course, the biggest task on the Senate’s plate remains the Big Beautiful Bill.
“The Senate is going to write the bill that it wants and it’s going to differ from the House’s version,” Stverak emphasized. “What we've heard from Capitol Hill is there are issues and concerns with the SALT provisions that were passed in the House, with some of the energy tax credits that have gone away in the house bill, Medicare provider tax issues…There will be a lot of differences between the bills that will have to get ironed out. And whenever there is uncertainty I am always concerned things could happen. That's why DCUC is being as vigilant as possible.”
Mesack said tax legislation work last week by Senate committees is drawing the attention of ACU.
“Most importantly the Senate Banking Committee produced their part, and we're looking at that closely. There's some provisions in there that are interesting—it kind of mirrors the House product but goes a little bit further.”
DCUC also sent a letter to members of the House Subcommittee on Innovation, Entrepreneurship, and Workforce Development as they prepare to hold a hearing titled “Beyond the Ballpark: The Role of Minor League Baseball in Economic Growth.”
Stverak, in his op ed in CUToday.info and in DCUC’s letter to the subcommittee, said DCUC backs credit unions’ strong history of supporting local communities, which includes minor league baseball teams. Stverak stressed banker “misinformation” mischaracterizes credit union sports sponsorships as self-serving.
“These partnerships are more than just a name on a jersey or a sign on a scoreboard. They are financial education booths at ballparks. They are scholarship programs for student-athletes. They are funding sources for local nonprofits, youth leagues, food banks, and veteran outreach. In short, they are what true community investment looks like in practice,” Stverak stated.
Also happening this week:
Tuesday
- Tomorrow, the House Financial Services Committee will mark up several bills, including the financial mentorship legislation
Wednesday
- , Treasury Secretary Scott Bessent testifies before the House Ways and Means Committee
- The Senate Small Business Committee holds a hearing on the Small Business Administration’s Disaster Loan program
- Wednesday, a Senate Appropriations subcommittee holds a hearing on the Treasury Department’s fiscal year 2026 budget request