Legislative Update With Chesney

The GENIUS Act advances without the CCCA, while June heats up for the “Don’t Tax My Credit Union” campaign ahead of a key Senate vote.

by Chesney Garnos, Executive Director of Government Affairs

GENIUS Act Update
Yesterday, Senate Majority Leader Thune filed for a cloture vote on the GENIUS Act, excluding the CCCA (Credit Card Competition Act). However, the Hagerty substitute amendment—reflecting a bipartisan compromise—has been included.

Under Senate rules, the GENIUS Act is now subject to up to 30 hours of debate before the cloture vote. If the motion for cloture is approved, the Senate will proceed to debate the underlying bill and any agreed-upon amendments before holding a final vote. While the CCCA is unlikely to be deemed germane to the bill following cloture, additional amendments may still be considered with unanimous consent.

This development likely signals that the CCCA will not be included in the final version of the GENIUS Act. We will closely monitor amendment negotiations and continue to keep you updated with any new developments.

Don't Tax My Credit Union (DTMCU) Update
Last week, Senate Majority Leader John Thune announced his intent to bring the Senate version of the tax bill to a vote during the week of June 23. This makes the month of June a critical window for the DTMCU campaign.

To amplify our message, we recently joined America’s Credit Unions in signing a joint letter to Senate leadership. Our goal remains clear: to ensure lawmakers understand the vital role credit unions play in communities nationwide. Stay tuned for continued updates throughout the month as we push toward the finish line.

For any questions about legislation, events, or advocacy priorities, don’t hesitate to reach out to me at [email protected].