Berger: Regulators, Congress must coordinate on fintech

NAFCU President and CEO Dan Berger urged key members of the Federal Financial Institutions Examination Council (FFIEC) to consider enacting regulation to achieve a level playing field between fintech companies and traditional financial institutions as he shared the association’s new fintech whitepaper.

“In the paper, NAFCU advocates for regulator coordination with Congress to ensure that credit unions and fintech companies compete on a level playing field where collaboration is valued and consumers are appropriately protected,” Berger said. He shared the whitepaper directly with NCUA Board Chair Rodney Hood and Members Todd Harper and Mark McWatters, CFPB Director Kathy Kraninger, Federal Reserve Chair Jerome Powell, and Treasury Secretary Steven Mnuchin.

NAFCU developed its whitepaper to chart a path towards regulatory coordination between traditional financial institutions and fintech companies. NAFCU is active in the fintech landscape: The association has worked closely with the Federal Reserve and other stakeholders on making the U.S. payments system faster and more secure, and is also a member of two blockchain consortia to give credit unions direct access to use cases being developed.

 

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