ALEXANDRIA, Va.—NCUA is being asked to amend its regulations to provide additional flexibility “to engage with and invest in innovative technology solutions and fintech companies.”
America’s Credit Unions and the National Association of Credit Union Service Organizations (NACUSO) wrote to the NCUA making the request.
The associations said that providing this flexibility is permitted by the Federal Credit Union Act and falls in line with states that “have considered and adopted changes to their rules to permit greater investment in companies that serve credit unions and their members aside from CUSOs.”
They further pointed to Washington and Illinois as states that provided additional flexibility for credit unions to invest in fintechs.
The Recommendations
The groups recommended certain limitations the NCUA may wish to consider adopting to ensure the safety and soundness of the credit union industry but urged the NCUA not to “be overly restrictive so as to stifle meaningful engagement with new fintechs and technologies.”
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