Credit Union Groups Eye Critical Senate Stretch As CLARITY Act, Crews Vote Loom
By CU Today Staff —
WASHINGTON— With the House now in its August district work period and the Senate facing just two legislative weeks before recess, both America's Credit Unions and the Defense Credit Union Council are watching a crowded Senate agenda that could shape the industry's regulatory landscape.
Among the issues drawing the closest attention are the CLARITY Act, the Fiscal Year 2027 National Defense Authorization Act (NDAA), government funding negotiations and the expected Senate vote on John Crews' nomination to the NCUA board.
For DCUC, Chief Advocacy Officer Jason Stverak said the organization will spend the week pressing senators to ensure credit unions are not overlooked as Congress considers digital asset legislation. Stverak said DCUC supports creating a clear regulatory framework for digital assets but wants the final CLARITY Act to explicitly preserve NCUA authority over federally insured credit unions, recognize credit union service organizations, establish workable custody and compliance standards, and provide regulatory parity with banks.
He said military families, who frequently relocate and rely heavily on digital financial services, should be able to access responsible digital asset services through their trusted credit unions.
Stverak also said DCUC continues to closely monitor the Senate's handling of the FY2027 NDAA, calling financial readiness a national security issue. Among the organization's priorities are strengthening the NCUA Central Liquidity Facility, advancing the Veterans Member Business Loan Act, modernizing credit union board meeting requirements, preserving the Share Insurance Fund's cooperative structure and preventing unrelated financial services riders that could weaken interchange revenue or fraud prevention efforts. He added DCUC also is urging Senate leaders to confirm John Crews before the August recess, saying credit unions need stable regulatory leadership as the industry faces significant policy changes.
Beyond Capitol Hill, Stverak said DCUC will continue advocating for NCUA to finalize its rule affirming federal authority over interchange-related fees, monitor implementation of the GENIUS Act's stablecoin framework, support proportionate regulation and track broader deregulation efforts. The organization also plans to use the House recess to encourage lawmakers to visit defense credit unions in their districts and will monitor Senate hearings this week examining artificial intelligence, deepfakes and senior fraud, issues DCUC says increasingly affect servicemembers, veterans and military families.
America's Credit Unions likewise expects the Senate's focus to remain on nominations, the NDAA, potential government funding legislation and continued negotiations over the CLARITY Act. The association said Senate Majority Leader John Thune has indicated the digital asset legislation could reach the Senate floor before the August recess, although additional negotiations remain necessary before the measure can advance.
The association is urging senators to attach several bipartisan credit union priorities to the NDAA, including the CLF Enhancement Act, AFFORD Act, Main Street Depositor Access Act and STREAMLINE Act. While supporting most provisions of the CLARITY Act, America's Credit Unions said Congress should refine the bill's restrictions on stablecoin yield so credit unions can continue serving local communities while participating in emerging digital asset markets, adding lawmakers should avoid creating winners and losers between traditional finance and crypto.
America's Credit Unions also said it expects the Senate to vote on John Crews' nomination as part of a larger nominations package and renewed its call for quick confirmation. Chief Advocacy Officer Kathleen Coulombe said a fully staffed NCUA board is essential to a strong credit union system and said Crews has the experience necessary to help lead the agency. The association also noted it will be following Senate hearings this week on AI-driven senior fraud and the impact of artificial intelligence on communications networks.
Originally reported by CU Today.