House Financial Services Committee advances three credit union-backed bills

The House Financial Services Committee advanced three bills supported by credit unions during a markup Tuesday. The bills cover mortgage trigger leads, digital assets, and mentorship for small financial institutions.

America’s Credit Unions President/CEO Jim Nussle wrote in support of the bills prior to the markup.

The bills are:

• Homebuyers Privacy Protection Act (H.R. 2808), which would curtail abuse of mortgage trigger leads while narrowly preserving them for legitimate, transparent, and accountable uses. The bill passed 46-0;
• Digital Asset Market Clarity (CLARITY) Act, (H.R. 3633), to create a regulatory framework for digital assets, and ensure stablecoins cannot be treated as a credit union or bank deposit. It also clarifies credit unions that offer custody or safekeeping services for digital assets are not required to hold assets held in custody as liabilities on their balance sheet. It passed 32-19; and  
• Advancing the Mentor-Protégé Program for Small Financial Institutions Act (H.R. 3709), to codify the Treasury’s mentorship program pairing small and rural financial institutions with larger ones. The bill passed 50-1.

America’s Credit Unions will continue to work with House members to bring these bills for a floor vote.