The U.S. Capitol. Credit: Christian Hinkle/Shutterstock
Ahead of Treasury Secretary Scott Bessent's testimony before the House Financial Services Committee, America's Credit Unions (AmCU) outlined a slate of credit union priorities in a letter to committee members as the Financial Stability Oversight Council (FSOC) prepares to deliver its annual report.
In the letter, AmCU urged lawmakers to ensure credit unions are explicitly included as authorized providers of "Trump Accounts" created under H.R. 1. The association argued that the accounts align with credit unions' mission of promoting financial well-being and that credit unions already operate under a rigorous supervision and compliance framework.
The group also highlighted ongoing concerns with implementing the new auto loan interest deduction enacted in H.R. 1. AmCU stressed the need for regulatory clarity, operational feasibility and balanced compliance expectations, noting that credit unions would otherwise face significant system changes and elevated compliance risk. The association submitted a separate comment letter to the IRS earlier this week detailing those concerns.
America's Credit Unions reiterated its strong opposition to proposals imposing credit card interest rate caps or mandating interchange routing changes, warning such measures would restrict access to credit, weaken consumer protections and harm the broader economy.
On regulatory oversight, the letter pointed to the FSOC report's recognition that the NCUA already has authority to obtain information from other regulators about third-party vendors. AmCU said this validates its long-standing opposition to granting the NCUA direct authority to examine third parties.
Finally, the association emphasized continued support for the Community Development Financial Institutions Fund, calling for timely and predictable deployment of resources and cautioning against process changes that could slow awards or reduce impact.
AmCU officials said it will remain engaged with lawmakers during and after the House hearing and plans to submit additional input ahead of Bessent's testimony before the Senate Banking Committee later this week.
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