Newsroom
NAFCU, CUNA write HFSC ahead of regulators’ innovation hearing
NAFCU and CUNA wrote to the House Financial Services Committee (HFSC) Subcommittee on Digital Assets, Financial Technology and Inclusion ahead of its hearing today on financial innovation. The hearing is focused on how regulatory agencies are using fintech to influence the financial services landscape.
In the letter, the associations wrote they “are pleased that the NCUA has taken steps, such as its recent financial innovation rule, to do more to recognize technological advances and the additional flexibility that they can provide credit unions.” However, they noted that more can be done “to ensure credit unions have the tools and mechanisms to reach new consumers who are not currently being served.”
NAFCU and CUNA pointed to the NCUA’s recent modernization of its field of membership rules and the agency’s Advancing Communities through Credit, Education, Stability and Support (ACCESS) Initiative as positive steps, but requested the committee look at ways to limit regulatory and legislative burden on credit unions and allow credit unions to use technology to serve the needs of those who have been underserved by other financial services providers. The associations remarked their concern that “credit unions will be unnecessarily and unjustifiably obstructed in their ability to invest in appropriate technology and perform in the consumer finance sector, which is increasingly competitive and innovative.”
In addition, the associations expressed their disagreement with the NCUA Board’s push for oversight authority over third-party vendors. They added that it may be appropriate, in limited circumstances, for the NCUA to have “to have authority over BSA-related service providers and cybersecurity service providers,” but requested that no legislation grant the agency authority to supervise all third-party vendors.
NAFCU and CUNA closed the letter by urging lawmakers and regulators “to work with the credit union industry to pursue an approach, both legislatively and regulatorily, aimed at ensuring credit unions can use technology to continue to serve their millions of members across the country.”
NAFCU will monitor today’s hearing, scheduled for 10 a.m. Eastern, and provide any updates via NAFCU Today.
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
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
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
Get daily updates.
Subscribe to NAFCU today.