The Senate Banking Committee is scheduled to mark up several bills Thursday, and America’s Credit Unions wrote to the committee prior to the markup in support of two bills: the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 394) and the Financial Integrity and Regulation Management (FIRM) Act (S. 875).

• S. 394 lays out regulations for stablecoins and contains language to allow credit union service organizations (CUSOs) to serve as an appropriate subsidiary entity to issue stablecoins.
• S. 875 would eliminate reputational risk as a component of the supervision of depository institutions.

In addition to urging the committee to pass both bills, Nussle also wrote to oppose an amendment to the FIRM Act that would prohibit financial institutions from charging more than $5 for overdraft fees. 

He noted the amendment “does not address the underlying issue of debanking” and will result in less access to overdraft services that consumers opt into.

America’s Credit Unions opposes the CFPB’s overdraft rule that would place a similar cap on fees, and supports Congressional and legal efforts to overturn it.