WASHINGTON—Credit union priorities surged forward in the U.S. House this week, as lawmakers passed a trio of high-impact bills shaping the future of digital finance, data privacy, and regulatory clarity—advancing the GENIUS Act to the president’s desk and sending the CLARITY Act and Anti-CBDC Surveillance State Act to the Senate.
The GENIUS Act, which empowers credit unions to issue payment stablecoins under NCUA oversight, was hailed by America’s Credit Unions as a “significant milestone” that cements CUs’ role in digital innovation. Meanwhile, the House tied the controversial Anti-CBDC bill to the must-pass FY2026 National Defense Authorization Act, prompting alarm from the Defense Credit Union Council over using defense legislation as a vehicle for financial policy—including potential threats like the Credit Card Competition Act (see related story).
“We commend the House for advancing the GENIUS Act to the President’s desk. It’s a significant milestone that rightfully grants credit unions who wish to provide access to payment stablecoins the full authority to issue them under the supervision of the NCUA,” said America’s Credit Unions President/CEO Jim Nussle. “Credit unions are well-equipped to offer innovative, member-centric financial tools. We’re proud to have supported this bill throughout the legislative process and ensured that no unrelated or harmful measures were included in the final bill text. It’s encouraging to see Congress embrace a future where responsible digital innovation and consumer protection go hand in hand.”
America’s Credit Unions also applauded House passage of the CLARITY Act.
ACU termed the CLARITY Act a commonsense step toward ensuring credit unions have a clear and level playing field when it comes to participating in the growing digital asset markets.
“This bill removes regulatory grey areas and provides credit unions with the opportunity to innovate responsibly in the evolving digital financial ecosystem. With our deep roots in financial education and literacy, credit unions are uniquely positioned to help consumers navigate this emerging space prudently and safely,” Nussle said.
ACU noted the CLARITY Act includes several notable provisions that reflect credit union needs, such as:
- Section 103 affirms that stablecoins cannot be treated as insured deposits under the Federal Deposit Insurance Act or the Federal Credit Union Act—providing much-needed regulatory clarity.
- Section 310 of the bill takes a smart and pragmatic approach by recognizing custodial digital assets should not be treated as balance sheet liabilities, nor subject to capital requirements absent operational risk.
- Section 405 establishes a regulatory pathway for credit unions to serve as qualified digital commodity custodians. Credit union members rely on their institutions not only for financial products, but guidance as well, and this allows credit unions to serve as trusted entry points for their members to purchase and use digital assets.
ACU emphasized it has long supported strong consumer protections and privacy rights in the digital age.
“The Anti-CBDC Surveillance State Act will help do just that. We’ve supported this legislation because it creates a necessary firewall between consumers’ most private information and the federal government’s access to it via a national digital currency system and protects the important role community institutions like credit unions play in our financial system,” Nussle said. “By banning the creation of a central bank digital currency, we are both protecting Americans’ financial privacy and strengthening the community-based financial services model that credit unions represent.”
DCUC Applauds Passage, But Shares Concerns
DCUC pointed out House passage of two significant crypto-related bills — the CLARITY Act and the GENIUS Act — sets the stage for broader regulatory reforms.
DCUC pointed out House GOP leadership have agreed to attach the Anti-CBDC Surveillance State Act to the must-pass FY2026 National Defense Authorization Act. This move signals a major shift in strategy—using the NDAA as a vehicle for financial services legislation (see related story).
"This is a significant development," said Anthony Hernandez, DCUC president/CEO. "For the first time, we’re seeing crypto policy tied directly to national defense legislation. It sets a precedent that opens the door to additional financial policy, potentially even the Credit Card Competition Act–being inserted into the NDAA. We’re going to stay vigilant and proactive to protect credit unions and the servicemembers they serve."
DCUC Chief Advocacy Officer Jason Stverak notified DCUC’s Military Advocacy Committee early this morning, warning this precedent could embolden efforts to attach harmful amendments like the Credit Card Competition Act (CCCA) to the NDAA.
“The CCCA poses serious risks to credit unions by limiting credit card networks and interchange fees,” said Stverak.
DCUC, which said it has long-anticipated this development, sent a prompt letter to Senate leadership Thursday opposing any attempts or considerations to attach the CCCA to the defense bill, stressing that the NDAA should remain focused solely on defense priorities—not be burdened by unrelated financial legislation that ultimately benefits large retailers at the expense of military families.