Legislative Update with Chesney

Credit unions ramp up advocacy as Congress debates the GENIUS Act, tax status, and key industry issues.

by Chesney Garnos, Director of Political & Grassroots Affairs

GENIUS Update
Congress is back in session, and it's full speed ahead for credit union advocacy efforts. The U.S. Senate is expected to meet today on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582). While this legislation is a critical step forward in regulating digital assets, America’s Credit Unions is actively opposing two harmful amendments that threaten the stability and security of the payments ecosystem.

Sen. Roger Marshall (R-Kan.) has proposed an amendment incorporating the text of his controversial Big Box Bailout bill—previously introduced and strongly opposed by credit unions. This measure would require credit card transactions to be routed through multiple, unaffiliated networks, without guaranteeing the same cybersecurity protections currently offered by trusted systems.

Meanwhile, Sen. Josh Hawley (R-Mo.) has offered an amendment to cap credit card interest rates at 10%, a move that could undermine risk-based lending models and limit access to credit for working-class Americans.

See the joint thank-you letter to Leader Thune from our advocacy team and Defense Credit Union Council (DCUC) in support of his opposition to the Marshall-Durbin Credit Card Competition Act (CCCA) language.

Don't Tax My CU Update
The Senate is also beginning work on its version of the budget reconciliation package. Credit unions remain focused on protecting our not-for-profit tax status, and advocacy efforts are ongoing to ensure the industry stays exempt. Stay tuned for more to come!

On the Hill this week:

• Thursday @ 10 a.m. ET: America’s Credit Unions Director of Innovation and Technology Andrew Morris is scheduled to testify before the House Financial Services Subcommittee on Financial Institutions.
• 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
• Also Wednesday, the House Energy and Commerce Committee will discuss robocalls and robotexts.

$30 by the 30th!
Every year, our $30 by the 30th campaign highlights the power of our grassroots movement. This isn’t just about dollars—it’s about unity.

Whether your credit union serves a small rural town or a growing metro, we all share a common mission: improving lives and empowering communities. But we can't let big banks rewrite the rules. The America’s Credit Union PAC helps us fight back—ensuring policymakers hear our voices loud and clear.

Will you join us? Contribute just $30 by June 30 to keep our movement strong. Commit $30 by the 30th today

REMINDER: 2025 South Dakota Credit Union Advocacy Golf Classic – Par for the PAC!
We’re heading east of the river this year! The 2025 Par for the PAC golf classic returns on Thursday, July 10, 2025, in Garretson, SD. Minimal spots available! Reach out to inquire about getting involved today.

Event Details:
River Ridge Golf Course – 25412 485th Ave, Garretson, SD 57030
9:00 a.m. – Registration
10:00 a.m. – Shotgun Start
2:00 p.m. – Social with live music, food, and drinks
2:30 p.m. – Golf Awards & Legislator Recognition

Where to Stay:
We’ve secured a room block at the brand-new Canopy by Hilton in downtown Sioux Falls. Call 605-275-4120 and mention Dakota Credit Union Group or use this reservation link to book.

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