Highlighting Treasury priorities to advance credit union mission
In advance of Treasury Secretary Scott Bessent’s scheduled testimony before the House Financial Services Committee today, America’s Credit Unions highlighted multiple credit union issues under the Treasury’s purview in a letter to committee members. Bessent will deliver the Financial Stability Oversight Council’s annual report.
The credit union issues addressed in the letter include:
- Urging that credit unions are included as authorized providers of Trump Accounts created in H.R. 1, as the accounts fit with credit unions’ mission of helping members financially, and are subject to a rigorous supervision and compliance framework.
- Outlining the challenges in implementing the auto loan interest deduction provisions in H.R. 1, which must include regulatory clarity, operational feasibility, and balanced compliance expectations. America’s Credit Unions submitted comments earlier this week outlining concerns and recommendations;
- Strong opposition to credit card interest rate cap and interchange legislation that would harm consumers and the economy;
- Recognition of the FSOC and NCUA noting in the report that the agency has authority under existing law to gain information from other regulators about vendors and doesn’t need additional authorities granted by Congress, validating the association’s opposition to granting the NCUA authority to examine third parties;
- Ongoing support for the Community Development Financial Institutions (CDFI) Fund, including prioritizing timely, predictable deployment of CDFI resources and avoiding process changes that slow awards or reduce impact.
America’s Credit Unions will remain engaged with the committee during and after the hearing, and submit another letter in advance of Bessent’s scheduled testimony before the Senate Banking Committee Thursday.