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As Congress continues to shape the nation’s digital asset framework, America’s Credit Unions has urged lawmakers not to leave credit unions behind.
In a June 3 letter to the House Financial Services Committee, the organization called for equal treatment of credit unions in digital asset and stablecoin legislation. The letter came ahead of ongoing hearings in Congress focused on establishing clear regulatory guardrails for digital currencies and related technologies.
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“America’s Credit Unions urges the Committee to ensure that credit unions are not excluded from participating in the digital asset ecosystem,” the letter stated. “Regulatory frameworks that default to a bank-only model risk marginalizing credit unions and their ability to serve members through emerging technologies.”
The credit union trade association voiced support for the bipartisan Stablecoin TRUST Act (H.R. 2392), which was approved by the Committee earlier this year. That bill would allow CUSOs and other federally regulated entities to issue payment stablecoins under appropriate supervision.
The letter noted that credit unions are already trusted stewards of member assets and data. With that in mind, America's Credit Unions urged lawmakers to establish a framework that promotes innovation while allowing federally insured credit unions to engage responsibly in the digital asset space.
“A balanced regulatory framework should enable credit unions to partner with fintechs and other stakeholders, fostering innovation without undermining safety and soundness,” the letter said.
America’s Credit Unions also emphasized the need to modernize rules in a way that reflects the diverse institutions comprising the financial system, and not just banks.
Credit union leaders are making the case that their members deserve access to the same financial innovations as bank customers.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
