This week: Congress preps bills with credit union impact

This week, America’s Credit Unions will be engaged as Congress works on several bills that could impact the credit union industry. Of note, the House Financial Services Committee is expected to hold a markup Thursday that will likely include a credit union-supported bill to improve Community Development Financial Institution (CDFI) Fund transparency. 

America’s Credit Unions is also assessing cryptocurrency-related bills that are expected to receive votes on the House floor next week; potential amendments to the bills are due Thursday. One of the bills is strongly supported by credit unions as it would bar the Federal Reserve from issuing a central bank digital currency (CBDC); the other looks to provide a regulatory framework for digital assets. The organization will keep credit unions informed of the bills’ impacts and engage lawmakers on the industry’s needs. 

In addition, the House Small Business Committee will review key Small Business Administration programs during a hearing Wednesday, and some of the federal financial regulators will appear before the House Financial Services Committee and the Senate Banking Committee for oversight hearings Wednesday and Thursday, respectively. 

Of note, America’s Credit Unions PAC is supporting seven candidates in tomorrow’s primary elections in Maryland, Nebraska, and West Virginia. The primaries include elections for six open seats: four in the House and two in the Senate. In Maryland, the PAC supports candidate Johnny “O” Olszewski Jr. to replace retiring incumbent Dutch Ruppersberger in the state’s 2nd Congressional District. The organization will update credit unions on relevant results; visit America’s Credit Unions Elections Hub for the latest information and resources.

In addition, the organization hosts Financial Management School in Raleigh, N.C., where attendees will master key credit union finance fundamentals. 

Stay tuned to America’s Credit Unions for the latest out of Washington.    

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