Leaders from several Nevada credit unions gathered this week for a virtual legislative briefing with Scott Fairchild, chief of staff for Sen. Catherine Cortez Masto (D-NV).

Organized by Nevada’s Credit Unions, the meeting served as a platform for credit unions to advocate for regulatory shifts and community investment. Representatives from Boulder Dam Credit Union, Elko Federal Credit Union, Clark County Credit Union, Greater Nevada Credit Union, Great Basin Federal Credit Union, Mountain America Credit Union, and America First Credit Union were all at the table.

The discussion focused on a range of issues, from digital asset market structures and anti-fraud initiatives to expanding community lending capabilities and securing federal housing funds for Nevada.

A key topic was the upcoming cryptocurrency market structure bill, which is expected to gain momentum on Capitol Hill in Washington, D.C. during the February-March 2026 timeframe. Credit union leaders emphasized that for digital assets to succeed, they must be integrated into the existing regulatory fabric governing traditional financial institutions. Cortez Masto is one of only 11 U.S. Senate Democrats currently supporting cryptocurrency framework legislation.

Credit union leaders also raised concerns regarding stablecoins that will hopefully be addressed between now and 2027, including:

• Liquidity Risks: Concerns that deposits may flow rapidly into stablecoins, potentially tightening the capital available for consumer and small business lending.
• The Insurance Gap: Leaders pointed out that stablecoin deposits lack the federal insurance protections that provide security for credit union members.
• Operational Clarity: Credit unions are requesting clear guidelines on Regulation E responsibilities to determine who bears the liability in cases of electronic payment fraud.
• Innovation Incentives: Discussions touched on reducing friction in remittances and the potential for credit unions to offer stablecoin-linked rewards programs.

Cortez Masto’s office reaffirmed the senator’s lead role on the Expanding Access to Lending Options Act. This bipartisan initiative seeks to increase the loan maturity cap from 15 to 20 years for certain non-mortgage loans, allowing credit unions to offer more flexible terms for specific loans.

With identity theft and credit card fraud causing over $135 million in nationwide losses recently, the TRAPS Act (Taskforce for Recognizing and Averting Payment Scams Act) was also in focus. Cortez Masto is a co-signer of this bipartisan bill, which aims to create a unified federal strategy against scams. Unfortunately, current law enforcement resources are oftentimes insufficient to pursue these cases effectively.

Nevada’s Credit Unions also spotlighted the fact that credit unions could use a larger share of funding from the Federal Home Loan Bank (FHLB) of San Francisco. As Nevada continues to grapple with housing affordability, credit union leaders said a larger portion of these funds are essential for community development.

The conversation concluded with a briefing on broader economic risks, including the potential for a federal government shutdown. While Fairchild signaled a shutdown remains unlikely, the group discussed the potential fallout for Nevada’s tourism-heavy economy, including possible spikes in health care insurance premiums and uncompensated care costs at hospitals.

Nevada’s Credit Unions would like to thank every credit union CEO and leader who joined the meeting with Cortez Masto’s chief of staff! Thank you for engaging and making your voice heard.