ABA Statement on House Financial Services Committee Markup

“We applaud Chairman Hill and members of the House Financial Services Committee for voting to advance several important pieces of legislation. This includes the 1071 Repeal to Protect Small Business Lending Act, which would ensure banks can continue to meet the needs of their small business customers without a government requirement to collect unnecessary and intrusive personal information, and the Anti-CBDC Surveillance State Act, which protects our financial system and the broader economy from the harms a retail Central Bank Digital Currency would cause. We also welcome the advancement of the Promoting New Bank Formation Act, which will help spur the creation of new banks in the U.S. and expand access to banking in the process. We thank Chairman Williams, Majority Whip Emmer and Rep. Barr for their leadership on these critically important issues. In addition, we congratulate Rep. Nunn and Rep. Himes on the strong bipartisan support for the Financial Technology Protection Act of 2025 and share their goal of preventing criminals and terrorists from using financial innovation to carry out their illicit activities.

“We look forward to continuing to work with members of the committee and others in the House as the STABLE Act moves forward. ABA has engaged with the committee on this issue for the past few years, and we appreciate the diligent work of committee leadership and staff. A durable regulatory framework for payment stablecoin must balance the potential for improving a customer’s payment experience with the need to limit negative economic consequences, promote financial stability and guard against consumer protection risks. Because payment stablecoin has the potential to significantly disintermediate core commercial bank activity like deposit taking, we are keenly focused on ensuring that any newly established regulatory framework mitigates that risk. Several provisions in the bill strive to do that, and we thank the committee for addressing these concerns and for making several other positive changes that reflect the perspective of America’s banks and their customers. We look forward to continued collaboration with lawmakers on these issues going forward.”