In May, the National Credit Union Administration issued a letter clarifying expectations regarding the adoption of emerging financial technologies—specifically, the use of distributed ledger technology.
“The rapid emergence of financial technology is creating opportunities for credit unions to increase speed of service, improve security, and expand products and services. In this spirit, the Board is exploring how the agency can provide clarity around expectations regarding financial technology adoption to not impede safe, fair, and responsible federally insured credit union engagement.”
Those who are following cryptocurrency-related developments might already be up to speed on the new guidance, but others may wonder what the letter and the “OK” to use DLT actually means for credit unions.
Technology Is Developing Rapidly
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