WASHINGTON–CUNA has sent a trio of letters to Capitol Hill related to three different issues.
In its first letter, CUNA joined with the Consumer Bankers Association and the American Bankers Association in a letter to the House on proposed stablecoin legislation. The letter states “we remain concerned with a number of provisions that could threaten financial stability and consumer protection in the stablecoin ecosystem.”
“Our primary concern with the draft legislation remains the inadequate oversight applied to state licensed payment stable coin issuers, which will promote charter arbitrage and heighten systemic risk,” the letter reads. “Given these entities intent to create new money, we believe they should be subject to at least the same form of supervision from a federal regulator as are state chartered banks and credit unions.”
The full letter can be found here.
Letter on Cooperative Financing Programs
A second letter sent to the Senate Appropriations Committee regarding its markup of the State, Foreign Operations, and Related Programs Appropriations Act for Fiscal Year 2024 outlines priorities for the World Council of Credit Unions.
In the letter, CUNA and the World Council ask Congress to appropriate $50 million for the cooperative development program in fiscal year 2024 to aid the World Council's efforts to build cooperative financing programs worldwide.
Letter on Insurance
Finally, CUNA sent a letter to the Senate Banking, Housing, and Urban Affairs Committee regarding its hearing on deposit insurance reform issues.
In that letter, CUNA stresses the health of credit unions and the share insurance fund and states that any deposit insurance reform must also include the NCUSIF.
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