Today: House Financial Services Committee hearing on payments
The future of payments is the topic of today’s House Financial Services Committee hearing, happening at 10 a.m. ET.
Ahead of the hearing, America’s Credit Unions drew attention to key issues affecting credit unions in the payments ecosystem in a letter to the committee.
Specifically, the letter:
- Highlights the impacts of fraud and scams on credit unions and their members, and the importance of addressing fraud in a way that does not shift liability to financial institutions;
- Discusses the impact that legislation like Illinois’ Interchange Fee Prohibition Act has on payment systems used by financial institutions; and
- Emphasizes the need for caution regarding expanding access to master accounts, with a focus on maintaining safety and soundness of the entire financial system.
Additionally, it recommends “the NCUA consider flexible approaches to expand credit union participation in stablecoin markets by allowing federal credit unions (FCUs) to invest in PPSI subsidiaries that are distinct from credit union service organizations (CUSOs), consistent with Congress’s intent” in the GENIUS Act.
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