Outreach encourages House Financial Services Committee to support bills
Three bills that could help credit unions in meeting the needs of their members are at the center of discussion for the next House Financial Services Committee markup. America’s Credit Unions President/CEO Jim Nussle wrote in support of the Homebuyers Privacy Protection Act (H.R. 2808), Digital Asset Market Clarity (CLARITY) Act, (H.R. 3633), and the Advancing the Mentor-Protégé Program for Small Financial Institutions Act (H.R. 3709) before Tuesday’s meeting.
Specifically, the bills would:
- H.R. 2808: Curtail the abuse of mortgage trigger leads that have impacted homebuyers and credit union members nationwide, while narrowly preserving them for legitimate, transparent, and accountable uses. America’s Credit Unions also joined a coalition of financial and housing organizations in a joint letter of support;
- H.R. 3633: Create a regulatory framework for digital assets and ensure stablecoins cannot be treated as a credit union or bank deposit. It makes clear 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. America’s Credit Unions suggests additional affirmative language clarifying custodial authority for credit unions;
- H.R. 3709: Codify the Treasury’s mentorship program pairing small and rural financial institutions with larger ones.
America’s Credit Unions also looks to the committee “to advance legislation that would modernize the Federal Credit Union Act so that credit unions are able to continue working to support and uplift communities.
The markup is scheduled to begin at 10 a.m. Eastern Tuesday and will be streamed live.
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