Full press: America’s Credit Unions demands clean GENIUS Act in op-ed, email, social media

As the Senate works to move the stablecoin GENIUS Act forward, credit unions are urging Senators to keep the GENIUS Act – a cryptocurrency bill – free from any amendments. This includes strong opposition to a poison pill amendment offered by Sen. Roger Marshall, R-Kan., that would add his Big Box Bailout language to the bill.

The senator attempted to hotline his amendment Thursday, a strategic procedure to bring up a measure by unanimous consent without a vote. If one or more senators object, it stops the hotline attempt.  America’s Credit Unions’ Chief Advocacy Officer Carrie Hunt responded quickly, urging Senators to stop Marshall’s hotline in a LinkedIn post.  

Also Thursday, President/CEO Jim Nussle’s op-ed raising credit union concerns about this poison pill amendment appeared in Credit Union Times, and he shared the op-ed in a message to Senate staff. .

“If the Big Box Bailout amendment is adopted, the consequences for consumers would be crippling,” stated Nussle. “Credit cards provide the lifeblood of credit availability for consumers and small businesses. Over 70% of U.S. GDP depends on consumer spending – spending that is driven by credit cards. Big box retailers would now be able to dictate which credit network will process transactions and go with the cheapest and potentially least secure option.”  

The Senate message shared how the 2010 Durbin amendment that mandated debit card processing and capped interchange did not result in savings for consumers. Nussle warned this Big Box Bailout amendment would also cause negative financial impact, including less access to credit for consumers.

“Financial institutions, including credit unions, would suffer increased costs and fraud risk, ultimately forcing these institutions to limit credit offerings to consumers – especially those with lower credit scores who need access the most,” said Nussle, urging them to say no to the Big Box Bailout language.

For grassroots action information, check out the Protect Interchange website.