MADISON, Wis.–The World Council of Credit Unions has sent a letter to the Basel Committee urging it to mandate that fintech firms be regulated in ways similar to banks and credit unions.
Saying it is supportive of a number of proposals the Basel Committee has already put forth, WOCCU wrote that it wants to see fintechs held to the same data protection regulations as authorized deposit-taking institutions.
WOCCU is further calling on the committee tolimit regulatory burdens on credit unions that use fintech companies as service providers by making sure that their rules are proportional to credit unions’ size and complexity.
The letter also calls on the Basel Committee to ensure adequate risk-management processes are in place at fintechs.
A full copy of the WOCCU letter can be found here: https://www.woccu.org/documents/BaselConsultationFinTechCommentltrOct2017