The House Financial Services Committee passed several credit union-supported bills at its markup Wednesday. America’s Credit Unions wrote to the committee in support of the bills.

The committee passed:

• Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act (H.R. 2392), to create a digital assets framework. The bill would allow credit union subsidiaries, including credit union service organizations, to serve as an appropriate subsidiary entity to issue stablecoins. It passed 32-17;
• 1071 Repeal to Protect Small Business Lending Act (H.R. 976), to repeal the CFPB’s small business lending data collection rule. It passed 27-22; and
• Anti-CBDC Surveillance State Act (H.R. 1919), which would bar the Federal Reserve from using a central bank digital currency. It passed 27-22.

America’s Credit Unions also followed up this week on a previous committee hearing to address community banking. The letter outlined credit union support of the three bills brought up at that hearing, ensuring credit unions are top of mind in the committee’s work to improve community banking.