The House Financial Services Committee is marking up several bills of concern for credit unions today. In a letter sent to the committee in advance of today’s action, America’s Credit Unions President/CEO Jim Nussle outlined credit union support for these bills:

• The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, which contains positive language to allow credit union subsidiaries, including credit union service organizations, to serve as an appropriate subsidiary entity in issuing stablecoins;
• The 1071 Repeal to Protect Small Business Lending Act, which will provide regulatory relief to America’s small businesses, allowing credit unions and other community financial institutions to continue to provide access to credit to small businesses; and 
• The Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing a central bank digital currency (CBDC).

Nussle also noted that as the committee considers legislation to make improvements for de novo banks, that raising the asset cap for de novo credit union relief—currently set at $10 million—should be included as well.