ARLINGTON, Va.—Add credit union executives to those showing growing interest in stablecoins.
NAFCU's latest Economic & CU Monitor shows that while few respondents expressed a desire to issue stablecoins directly given the current lack of regulatory guidance, 24% said they were “very interested” in being able to facilitate stablecoin transactions for their members, and another 24% were “somewhat interested.”
Meanwhile, respondents were also polled by NAFCU on issues related to small business lending and specifically for views on whether they support proposed changes to the scope of SBA direct lending authorities, as called for in the Build Back Better Act (BBBA). According to survey responses, although NAFCU’s members are “skeptical of the value of SBA direct lending, respondents expressed some interest in alternatives to the BBBA proposal built around partnerships with credit unions,” the trade group said.
On CECL Implementation
On the topic of future CECL implementation in 2023, most credit unions characterized their progress as “proceeding on schedule,” but 11% of respondents indicated they were behind on implementation. Most credit unions expected implementation of CECL to have either a significant (22%) or moderate (39%) impact on net worth at the time of adoption. In addition, 28% of respondents anticipated that adoption of CECL in 2023 would coincide with a tightening of credit standards.