This week: Senate to take next steps on GENIUS Act, reconciliation package

The House is in-district this week and the Senate remains in town for three days before leaving Thursday in observance of Juneteenth. As the Senate works on its version of the reconciliation package—the One Big Beautiful Bill Act, H.R. 1—we’re continuing our nonstop advocacy efforts to protect the credit union tax status. The Senate Finance Committee is expected to release its provisions for the package, which would include tax-related changes, early this week. The Senate’s goal is to vote on the package before July 4.

Efforts to protect the industry from harmful interchange legislation have also not slowed down. The Senate is expected to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) as early as today, with the current bill excluding two “poison pill” amendments that America’s Credit Unions, leagues, and credit unions fought to exclude.

Credit union members will hear updates on these items and more during an Advocacy Update webinar, happening Wednesday at 1 p.m. Eastern. America’s Credit Unions President/CEO Jim Nussle and Chief Advocacy Officer Carrie Hunt will discuss tax advocacy strategy, interchange updates, and resources available to strengthen the industry’s unified efforts on these issues. Attendees will also have the opportunity to ask questions. Register now; the webinar is closed to press.

Also happening this week:

• Tomorrow, the Senate Judiciary Committee holds a hearing on protecting older Americans from scams; and
• Thursday, America’s Credit Unions offices will be closed in observance of Juneteenth.