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NAFCU Network insight post details new stablecoin report
In a new insight post on NAFCU’s ONES + CFPB Supervision, Lending, CFO, and Compliance, Risk & BSA networks, NAFCU Regulatory Affairs Counsel Dale Baker engaged with credit unions regarding the President's Working Group on Financial Markets (PWG), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC)’s newly-released Report on Stablecoins.
In the post, Baker reviewed the report and noted that it encourages Congress to promptly enact legislation that provides for the development of a consistent, comprehensive federal regulatory framework for payment stablecoins and their underlying financial arrangements.
"In the most important ways, the reports’ underlying logic supports NAFCU’s recent asks of the National Credit Union Administration (NCUA),” wrote Baker. “In NAFCU’s comments to the NCUA in response to the NCUA’s RFI on Digital Assets and Related Technologies, NAFCU encouraged the NCUA to expressly confirm that existing authorities permit credit unions to directly or indirectly host members’ digital wallets and permit credit unions to work with third-parties to provide members access to digital asset exchanges."
NAFCU-member credit unions that are part of the network can engage in a conversation on this topic through the post.