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The credit union grassroots campaign to protect our industry’s tax status marked another important victory on Monday. The Senate Finance Committee released the text of its One Big Beautiful Act without any mention of changes to the credit union tax exemption. While this development represents a significant step forward, our work is not over. Continued unified advocacy is essential to ensure that no harmful amendments are introduced as the legislation advances in the Senate.
“America’s Credit Unions, leagues, credit unions, and the 142 million consumers our industry serves thank Senate Majority Leader John Thune and Senate Finance Committee Chairman Mike Crapo for understanding the credit union difference and protecting the credit union tax status in H.R. 1.,” shared Jim Nussle, President/CEO at America’s Credit Unions. “Credit unions have tremendous impact on Main Streets across the country and work every day to strengthen our communities and people’s lives. We appreciate the Senate Finance Committee’s support and will continue to keep the momentum until the bill is sent to the President’s desk.”
On Tuesday, the U.S. Senate passed S. 1582, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act without new credit card interchange mandates. “As a clean bill, this will allow consumers to enter the digital era of currency and credit unions interested in providing these services will be able to meet their members’ needs,” shared Nussle immediately following the Senate’s vote.
In other news from Washington, the U.S. District Court for the District of Columbia heard arguments from dismissed NCUA Board members Todd Harper and Tanya Otsuka late last week. Harper and Otsuka are seeking an injunction to reinstate them to the NCUA Board and nullify any actions taken by Chairman Kyle Hauptman as its sole-board-member. The NCUA canceled its June board meeting, and a court decision is expected soon.
Here at home, lawmakers worked around the clock to deliberate on the state budget and consider bills remaining on the calendar to conclude the First Special Session of the 132nd Legislature.
LD 1339, an emergency bill to regulate virtual currency kiosks, was signed by Governor Mills on June 12. This law—now in effect—requires licensing of virtual currency kiosk operators, caps fees, limits transactions per customer, requires certain disclosures, and provides a process to refund customers for fraudulent or abusive transactions. Governor Mills also signed LD 1514, An Act to Change the Laws Regarding Real Estate Appraisers. This bill was introduced to address Maine’s growing appraisal shortage.
LD 1377, Resolve, to Convene a Working Group to Evaluate Potential Regulation of the Vehicle Towing Industry and the Impact on State Agencies and Industries, was passed into law without the Governor’s signature on June 15. This measure requires the Department of the Secretary of State to convene a working group to evaluate potential solutions regarding regulation and enforcement of the towing industry.
In a temporary win for our industry, LD 1444—often referred to as the “free house” bill—has been sent back to the Judiciary Committee and will be held over until next year. The proposed legislation will prohibit lenders from pursuing foreclosure actions if they fail to meet all required notice provisions. It would also apply retroactively to foreclosure judgments already granted in favor of lenders. The League will continue actively engaging with Committee members to express our strong opposition to this bill and highlight its potential harm to lenders.
With the Legislature now in adjournment, the League will begin developing an end-of-session wrap-up report for credit unions. We look forward to summarizing our work and highlighting this year’s legislative wins. In the interim, if you have questions regarding any state or federal advocacy activity, please email Elise Baldacci.