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| This Week: Regulatory Relief on House floor, markups in both Chambers |
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Congress is back in Washington, D.C., this week, and the House is expected to vote on credit union-backed regulatory relief legislation. In addition, both the Senate Banking and House Financial Services Committees are expected to mark up legislation impacting credit unions.
The House has indicated an upcoming floor vote on the Supervisory Modifications for Appropriate Risk-Based Testing (SMART) Act. Introduced by Rep. William Timmons, R-S.C., it would provide well-managed, well-capitalized credit unions with regulatory relief through combined safety-and-soundness exams and consumer compliance exams, as well as allowing for limited-scope, off-site exams in alternate years.
The Senate Banking Committee reportedly may move to mark up the Digital Asset Market Clarity (CLARITY) Act of 2025, legislation establishing a market structure for cryptocurrencies. It would allow for stablecoins to pay rewards but also prohibit stablecoins from earning yield in a manner similar to a credit union or bank deposit, clarify that credit unions ability to have custodial powers with stablecoins, and create a clear regulatory pathway for credit unions to offer digital commodity custody services.
The House passed the bill in July 2025 and the Senate has been working for months to try to find language that can advance in the Banking Committee.
The House Financial Services Committee will also hold a markup starting Wednesday on legislation covering AI, protecting seniors from scams, and more. America’s Credit Unions previously provided comments to the committee on several bills on the markup agenda, including:
• Support for the Unleashing AI Innovation in Financial Services Act (H.R. 4801) that would create regulatory sandboxes for AI test projects at financial regulatory agencies;
• Support for the Artificial Intelligence Practices, Logistics, Actions, and Necessities (AI PLAN) Act (H.R. 2152), which would require the Secretaries of the Treasury, Homeland Security, and Commerce to develop a strategy to defend against national security risks posed by AI in financial crime. America’s Credit Unions encourages expanding the bill to include a role for financial regulators such as the NCUA.
On the regulatory side, comments are due today on the seventh round of NCUA’s Deregulation Project proposals, covering record retention guidelines and catastrophic act preparedness.
Tuesday, America’s Credit Unions PAC will support seven candidates in Nebraska and West Virginia primary elections. Check out the Credit Union Election Hub for the latest results.
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