GENIUS Act clears senate without interchange, credit card rate cap amendments

The Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) Tuesday by a 68-30 vote without the “poison pill” amendments that America’s Credit Unions, leagues, and credit unions fought to exclude.

Sen. Roger Marshall, R-Kan., offered the text of the Big Box Bailout Bill to create new credit card interchange mandates, and Sen. Josh Hawley, R-Mo., offered an amendment to cap credit card interest rates at 10%. Neither were included in the final bill.

“America's Credit Unions thanks the U.S. Senate for passing a clean GENIUS Act. Keeping these poison pill amendments out of the bill protects consumers, small businesses, and financial institutions,” said America’s Credit Unions President/CEO Jim Nussle. “Credit unions are here to strengthen Main Street, and we appreciate that senators said 'no' to Senators Marshall’s and Hawley’s unrelated and unproductive amendments that did not go through proper consideration in the standard legislative process. We urge the House to pass the companion STABLE Act without any amendments.  As a clean bill, this will allow consumers to enter the digital era of currency and credit unions interested in providing these services will be able to meet their members' needs.”

America’s Credit Unions led a full-court industry press to keep the amendments from getting attached, reaching out to senators and offices on a regular basis during the amendment process. America’s Credit Unions President/CEO Jim Nussle wrote an op-ed highlighting concerns with the Big Box Bailout, and Chief Advocacy Officer Carrie Hunt activated members on LinkedIn when Marshall, R-Kan., attempted to attach the bill via unanimous consent.

Efforts also included a grassroots push to activate credit unions and new interchange handouts explaining why the bill’s mandates would harm consumers, financial institutions, and small businesses to aid big box retailers.