At its first markup of the 119th Congress, the Senate Banking Committee advanced two America’s Credit Unions-supported bills and rejected an amendment capping overdraft fees. America’s Credit Unions' President/CEO Jim Nussle wrote to the committee prior to the Thursday markup. 

The committee passed:

• Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 394), to establish regulations for stablecoins. It also contains language to allow credit union service organizations to serve as an appropriate subsidiary entity to issue stablecoins; and
• Financial Integrity and Regulation Management (FIRM) Act (S. 875), to eliminate reputational risk as a component of the supervision of depository institutions.

The committee did reject an amendment to S. 875 from Sen. Elizabeth Warren, D-Mass., which would have capped financial institution overdraft fees at $5. Nussle urged the committee to reject the amendment as it is “impractical and does not address the underlying issue of debanking.”