WASHINGTON—Issues related to engagement between NCUA’s Office of Financial Technology and Access and credit unions, and specifically opportunities for the advancement and modernization of the industry, have been raised in a letter to the agency by NAFCU.
In the letter to OFTA Director Charles Vice, Senior Regulatory Affairs Counsel James Akin requested “the OFTA offer greater transparency regarding its current and future initiatives and do more to foster a proactive environment wherein credit unions can experiment, learn, and innovate.”
He also called for direct engagement between trade associations and credit unions so that information sharing would allow hurdles to be identified and remediated.
‘Source of Inspiration’
Additionally, Akin offered what he called a “source of inspiration” to support credit union innovation by highlighting the CFPB’s former innovation programs that allowed financial institutions to apply for No Action Letters (NALs) and offered two types of waiver programs: the Trial Disclosure Program (TDP) and the Compliance Assistance Sandbox (CAS).
NAFCU said those programs were related to facilitating innovation in consumer financial markets but also provided regulatory relief or a safe harbor, NAFCU said.
Senator Passes Away
Separately, following the death of Sen. Dianne Feinstein (D-CA) at age 90, CUNA President and CEO Jim Nussle said in a statement, “Sen. Feinstein leaves an inspiring, trailblazing legacy of more than 50 years of public service at the local and federal level, and a great friend to credit unions. She recognized them on the Senate floor for International Credit Union Day, and we were proud to work alongside her on policies to improve the financial health of communities in California, and across the country.”
Added California and Nevada Credit Union Leagues President/CEO Diana Dykstra, “She has always recognized the importance of credit unions and their mission to provide dependable and honest member-owned financial services in all kinds of communities across California. We are honored the senator was a friend of credit unions and fought for legislation that continues to shape the financial wellbeing of so many individuals and households. After so many years of service to Californians and support for credit unions and the members they serve, we want to express our indebted gratitude to Sen. Feinstein and her office.”
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