WASHINGTON—Support for a CFPB proposal that would place “larger participants” in the digital payment space under its supervision has been expressed by America’s Credit Unions.
The trade group shared its position in a comment letter filed in conjunction with a House Financial Services Digital Assets Subcommittee hearing on the proposal.
“Our members do not want to discourage innovation but want to ensure that innovation does not allow new entrants to end run regulation,” wrote America’s Credit Unions President/CEO Jim Nussle. “As the preamble to the proposed rule acknowledges, nonbanks have engaged in regulatory arbitrage and purposely constructed their product and service offerings to use partnerships to circumvent crucial consumer protection laws—creating different levels of consumer protection based on the type of entity offering a product or service.”
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?