WASHINGTON—Representative of the Treasury department recently met with representatives from America’s Credit Unions to discuss the state of credit unions.
America’s Credit Unions Chief Advocacy Officer Carrie Hunt and Senior Vice President of Advocacy Greg Mesack met with the Treasury Department’s deputy assistant secretary for financial institutions, Jeanette Quick and several members of the Office of Financial Institutions.
According to America’s Credit Unions, Hunt and Mesack briefed Treasury staff on the state of the credit union industry and covered several topics, including credit union efforts to reach more underserved communities and bring the unbanked into regulated insured depositories, as well as ways to increase access to liquidity for credit unions.
Other Issues Reviewed
ACU said the group reviewed a cyber incident reporting rule released by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) that would require federal credit unions to submit cyber incident reports within 72 hours after the covered entity reasonably believes the covered cyber incident occurred. For credit unions, the NCUA’s current cyber incident notification standard requires notice of a cyber incident within the same timeframe, ACU reminded.
Finally, ACU said Hunt and Mesack also detailed the industry’s concerns with stablecoins, stating the need for a “clear regulatory framework for cryptocurrency and other financial technologies to support innovation and adoption while reducing risks.”
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