remain aligned with institutional size and risk. We also encouraged them to support H.R. 6553 and H.R. 7056, which advance these objectives by establishing tailored, indexed regulatory requirements. 4. Fraud Prevention and Accountability Fraud imposes a significant financial and emotional toll on consumers, with annual losses estimated at up to $195 billion. Banks invest heavily in prevention and detection, but criminals increasingly exploit social media platforms, enabling scammers to impersonate trusted institutions and deceive consumers. We requested that our congressional members support the SCAM Act (S. 3774 and H.R. 7548), which would require online platforms to verify advertisers, detect and remove fraudulent ads, and provide transparency into their advertising practices. It would also narrow Section 230 immunity, placing more responsibility on social media platforms to stop fraudulent advertising and protect consumers. 5. Cannabis Banking Legalization Thirty-nine states have legalized cannabis for medical or recreational purposes, yet federal law still exposes banks to potential civil and criminal penalties, as well as regulatory sanctions, for serving cannabis businesses. The SAFER/SAFE Banking Act would enable banks to serve state-licensed cannabis businesses, their employees and service providers in states where cannabis is legal. We requested that our congressional delegation support the SAFER/SAFE Banking Act, which would reduce cash-intensive operations by providing compliant access to depository institutions, making our communities safer and the cannabis industry more transparent to regulators, tax authorities and law enforcement. 6. Credit Union Regulatory Review Credit unions are increasingly moving away from their original mission of serving people of modest means within a limited membership field. Many are expanding into broader commercial markets, warranting a congressional oversight hearing to evaluate whether the credit unions — now a $2.4 trillion industry — still deserve preferential tax treatment. We also asked our delegation to support legislation that would prevent credit unions from purchasing banks. 7. Deposit Insurance Modernization FDIC insurance, paid for by banks, protects deposits in a well-capitalized and highly liquid banking system. As banking and the market for financial services continue to evolve, regulations such as the deposit insurance and resolution framework must keep pace, ensuring that any future modifications to coverage limits are empirically based, data-driven and indexed to inflation. We encouraged our legislators to urge the FDIC to broaden the scope of considerations used in determining “least cost” to include potential contagion or other unwanted impacts. Following our important work on Capitol Hill, we had a wonderful dinner with former Congresswoman Yvette Herrell, now serving as assistant secretary of agriculture for congressional affairs for the USDA; Rodney Hood, former acting comptroller of the currency and FDIC director; and Lenwood Brooks, director and vice president of government and industry relations for the FHLB Dallas. The trip was a meaningful reminder of the strength of our relationships — within our banking community and with our partners in Washington. The candid conversations, shared insights and collaborative spirit of the meetings left me optimistic about the work ahead. I am grateful to our congressional delegation and their staff for welcoming our perspectives. We will continue to advocate for a resilient and forward looking banking environment for all New Mexicans. 7
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