Newsroom
NAFCU to House Small Biz: ‘Level the playing field for all’ regarding fintech oversight
NAFCU Vice President of Legislative Affairs Brad Thaler wrote a letter Tuesday to the House Small Business Subcommittee on Oversight, Investigations, and Regulations prior to its hearing today on “Fintech and Transparency in Small Business Lending.” In the letter, Thaler asks that the subcommittee to examine the growing role that fintechs play in the financial services market and their associated risks.
Thaler highlights in the letter the plethora of “new opportunities” that the growth of fintechs in recent years has offered for the delivery of financial services. However, he warns that fintechs “…can also present new threats and challenges as novel entities emerge in an underregulated environment.”
“As such, NAFCU believes that Congress and regulators must ensure that when technology firms and fintechs compete with regulated financial institutions, they do so on a level playing field where smart regulations and consumer protections apply to all participants,” continued Thaler.
He referenced NAFCU’s white paper that proposes regulatory recommendations for oversight over fintech companies in the financial services industry.
“Credit unions look forward to continuing to experience growth in the technology space as a way to better serve our members, including small businesses,” concluded Thaler. “However, as technology companies expand, and new charters emerge to compete in the financial services marketplace, it is important that they compete on a level playing field of regulation and supervision – whether lending to consumers or small businesses.”
Read the full letter. NAFCU will continue to ensure that Congress modernizes legislations to help protect consumers whilst keeping up with technological developments.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.