CBDC faces Congressional hurdle

Published by: Sean Brown

October 4, 2023 | Compliance, Regulatory

Credit unions should be able to focus on finding innovative ways to keep up with the pace of competition from banks and FinTechs, not from the government. On Sept. 20, the U.S. House Financial Services Committee passed 11 pieces of legislation out of committee, most notably, H.R. 5403, the “CBDC Anti-Surveillance State Act,” which would prevent the issuance of a central bank digital currency (CBDC) without explicit authorization from Congress. The League has been active on the CBDC issue, submitting comment letters on both the Federal Reserve’s, as well as Treasury’s exploration into what a CBDC would look like, how it would function, and how it would be regulated. CBDC exploration remains a priority of the Biden Administration, and the League will continue to monitor the issue as it progresses.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
Contact Us

Other Movement News

Government Affairs

NCUA Board Nomination hearing in U.S. Senate

On Thursday, Oct. 19, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a confirmation hearing for several appointments, including Tanya Otsuka, to the National Credit Union Administration […]

League disappointed with proposed NCUA budget

Ohio’s credit unions not only support the idea of fiscal responsibility but embody it as they remain viable through a historically unstable economic, regulatory, and political environment; thus, it is […]
Member Benefits

Unlocking growth and success through League membership

As a credit union, you and your team work hard to provide relevant, competitive services that help members achieve financial well-being. Likewise, America’s Credit Unions and the League work diligently […]