This week: Interchange fight, tax advocacy in the Senate, data privacy testimony in the House

June 2, 2025

Congress is back in session and it’s full speed ahead for credit union advocacy. The Senate is expected to meet today on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, S. 1582, and America’s Credit Unions is fighting two pending poison pill amendments offered for consideration.

Sen. Roger Marshall, R-Kan., offered an amendment to the GENIUS Act with the text of his previously introduced Big Box Bailout bill—a measure strongly opposed by credit unions. It would mandate the use of third-party credit card payment networks without requiring the same level of cybersecurity protection and infrastructure currently in place. The second amendment was offered by Sen. Josh Hawley, R-Mo., to cap credit card interest rates at 10%.

America’s Credit Unions delivered several letters opposing the “poison pill” amendments to Capitol Hill and is closely monitoring for updates regarding the bill. Ongoing outreach by the advocacy team along with grassroots engagement with Senators to kill these amendments is underway.

The Senate also begins work on the budget reconciliation bill, with credit union efforts focused on keeping the tax status out of their version of this legislation with ongoing advocacy outreach.

A hearing on Capitol Hill this week will feature the credit union perspective on data privacy . America’s Credit Unions Director of Innovation and Technology Andrew Morris is scheduled to testify before the House Financial Services Subcommittee on Financial Institutions Thursday at 10 a.m. Eastern. Stay tuned for further updates on the testimony.

The Trump administration released a 1,200-page budget appendix Friday. This follows up on the administration’s so-called skinny budget for fiscal year 2026. America’s Credit Unions is analyzing the potential impact to credit union concerns, including CDFI funds, HUD, VA loans and NCUA grant programs, and plans to send a letter today.

Also happening this week:

  • Wednesday, the House Financial Services Committee will discuss innovation and digital assets;
  • Wednesday, Small Business Administration Administrator Kelly Loeffler will testify before the House Small Business Committee; and
  • Also Wednesday, the House Energy and Commerce Committee will discuss robocalls and robotexts.