National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today issued the following statement after the U.S. Department of Treasury issued its Report on Nonbank Financials, Fintech, and Innovation:
“How finechs operate in the financial services marketplace is a critical issue for credit unions, both now and into the future. We thank the Treasury Department for taking into consideration many of NAFCU’s policy recommendations relating to small-dollar lending, TCPA and data breach notifications. While many credit unions partner with fintechs to deliver valued products and services, we believe it to be in the best interest of agencies to balance the desire for regulatory flexibility with concern for overall marketplace stability. We support Treasury’s effort to promote financial innovation and better the lives of American consumers,” says NAFCU President and CEO Dan Berger.