WASHINGTON—NAFCU is reporting it recently met with Treasury Deputy Assistant Secretary for Financial Institutions Felton Booker and the agency’s financial institution policy team.
According to NAFCU, the group highlighted Treasury’s Novemberfintech report, which sought to assess the effects of fintechs in the financial services space. The talks included the fact that Treasury noted that fintechs “needed proper oversight to protect consumers from fraud and other risks.”
The CFPB has issued a proposed rule in December that would require certain nonbank entities to report the existence of such orders to the bureau through a publicly accessible registry.
Like other trade groups, NAFCU noted it has been requesting the Bureau enhance its supervision of nonbank fintechs to “better level the playing field with credit unions and coordinate with other regulators to maintain competition and ensure the availability of credit union services.”
Additionally, NAFCU said the discussions focused on Treasury’s February proposal to require financial institutions use the Treasury Check Verification System, or a similar authorized system, to verify that Treasury checks are both authentic and valid.
Also on Agenda
NAFCU said also:
- Expressed concerns to the Treasury regarding the CDFI Fund. The fund announced earlier this month that it anticipates accepting new certification applications this fall.
- Discussed the Greenhouse Gas Reduction (GHGR) Fund, which offers credit unions opportunities to make loans related to climate change.
Feeling the FOMO Fever? CUToday.info Has a Prescription
Are you missing out on the latest news in credit unions? Missing the trends and developments you need to be aware of? We can help. 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.
And it’s free!
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?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.