ARLINGTON, Va.–NAFCU has told the Federal Reserve it supports its proposal to publicly disclose which depository institutions have access to Reserve Bank accounts and financial services. Separately, a CUNA exec met with the vice president at the White House.
In a letter to the Fed, the trade group said it supports a “transparent and risk-based policy for granting access to Reserve Bank accounts as non-traditional institutions seek access.”
NAFCU also urged the Fed to:
- Continue developments in digital assets have created a greater need for the Fed to use transparent standards for assessing whether firms engaging in digital assets are effectively managing risks that do not create additional exposures for the Fed and its payments systems
- Focus on meeting the statutory criteria in the 2023 NDAA when moving forward with this proposal
- Recognize the strong prudential supervision that already exists for federally insured depository institutions such as credit unions
CUNA's Exec Meets Vice President Harris
Separately, CUNA Manager of State Outreach Tylik McMillan was invited to the White House to meet with Vice President Kamala Harris on Tuesday. According to CUNA, McMillan has been tapped to discuss community mobilization and financial access and inclusion for men of color.
“The opportunity to succeed, to hope for a better life and freedom of opportunity requires capital,” said McMillan. “But in the United States, access to capital for individuals and business owners is uneven. The compounding effects of decades of exclusionary policies and programs have contributed to the wealth gap, and we have an opportunity to identify new ways to accelerate financial well-being for all.”
McMillan also shared brief remarks prior to the introduction of President Joe Biden before his speech at the National Action Network annual breakfast in Washington honoring Dr. Martin Luther King, Jr. on Monday.
As CUToday.info reported earlier, McMillan previously served as the Senior Policy Advisor for the National Action Network, which is one of the nation's leading civil rights organizations working in the spirit and tradition of Dr. Martin Luther King, Jr. to promote the modern civil rights agenda.
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