MnCUN Issues GREAT Alert on GENIUS Act, Big Box Bailout

​Earlier today, the Minnesota Credit Union Network sent a GREAT alert urging advocates to contact Senators Klobuchar and Smith ahead of consideration of the GENIUS Act.

When the Senate returns to Washington next week, it will begin consideration of the GENIUS Act, which would establish a federal regulatory framework for issuing stablecoins. While this is significant in itself, the GENIUS Act is also the first Senate Banking Committee bill to reach the floor in eight years, making it a prime vehicle for a wide range of financial services amendments. 

​One such amendment that could be especially damaging to Minnesota credit unions is Sen. Marshall’s Credit Card Competition Act—often referred to as the Big Box Bailout. This proposal would impose harmful, government-mandated routing restrictions, effectively acting as back-door price controls on interchange fees.

We believe it is vital that Minnesota credit unions speak up now. Your Senators need to hear directly from you about how these proposed changes would hurt your operations, and more importantly, your members, who are among the 142 million Americans credit unions serve nationwide.