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NAFCU, CUs, Treasury discuss fintech accountability, CFPB supervision over nonbank entities, more
NAFCU along with several credit union members Tuesday met with the Department of Treasury to discuss credit union industry trends and competition, as well as fintech accountability. NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Petros, and Senior Counsel of Research and Policy Andrew Morris were in attendance at the meeting.
During the meeting, the group discussed the larger participant rule, the CFPB’s supervision over nonbank entities, its implementation of Section 1033, big tech companies, and non-deposit bank charters.
The CFPB recently announced it would begin exercising supervisory authority over fintechs under a largely unused legal provision of the Dodd-Frank Act to examine nonbank financial entities that pose risks to consumers. NAFCU has shared support for expanded CFPB supervision over fintechs and other nonbank entities stating that it "encourages all relevant regulators to ensure that when fintechs compete with traditional financial institutions, they do so on a level playing field where smart regulations and consumer protections apply to all actors in the consumer marketplace.”
NAFCU has advocated for the implementation of Section 1033, and previously sent a letter to the CFPB stating “the extent to which nonbank technology companies are gathering and exchanging potentially sensitive transaction information raises unique privacy concerns which the Bureau should address through direct supervision before proceeding with any effort to implement section 1033.”
NAFCU continues to engage the Treasury and other agencies to ensure credit union concerns are considered when developing financial institution policies.
In addition to Treasury’s attendance at the meeting, NAFCU was joined by the following association members:
- Chris Anuswith, VP of Risk Management, ABNB Federal Credit Union
- Cathy Boucher, EVP, Boston Firefighters Credit Union
- John Brom, Senior Corporate Counsel, Alliant Credit Union
- Gail Enda, President & CEO, American Airlines Credit Union
- Sean Gaven, SVP for Lending, Analytics, Payments and Digital Strategy, American Airlines Credit Union
- Jackie Hoonjan, President & CEO, Pacific Cascade Federal Credit Union
- Jim Hunsanger, Chief Risk Officer, Michigan State Federal Credit Union
- Michael Kapfer, SVP, Chief Information Officer, Northwest Federal Credit Union,
- Karen Lamy, VP of Enterprise Risk Management, Summit Federal Credit Union
- Kim Little, EVP and Chief Operating Officer, Chartway Credit Union
- Frank Mancini, President and CEO, Connex Credit Union
- Dan McCue, SVP of Corporate Relations, Alaska USA Federal Credit Union
- Anelle Sanchez, Associate Attorney, Alliant Credit Union
- Rick Stafford, President & CEO, Tower Federal Credit Union
- Keith Sultemeier, CEO, Kinecta Federal Credit Union
- Jason Thompson, Treasurer and Director, HUD Federal Credit Union
- David Tuyo, President & CEO, University Credit Union