Fintech companies are using different strategies that sidestep federal financial regulation as they seek to expand their reach to consumers and access to the nation's financial system, potentially creating additional systemic risk. Now's the time for action.
There needs to be competitive equality between traditional financial institutions and fintech.
How This Impacts You
Allowing fintech companies to become national banks without offering deposit accounts or leverage state laws to acquire a special purpose charter could put credit unions at a competitive disadvantage. Lack of appropriate oversight and transparency could also put the national financial system, consumers, and taxpayers at risk.
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In the News
| March 25, 2021CU Today: NAFCU Sends Letters to CFPB, House Committee, OCC
| December 08, 2020Credit Union Times: NAFCU Warn Fintech Bank National Charter Would Violate Law
| August 04, 2020Credit Union Times: NAFCU, Others Challenge OCC's Special Bank Charter Idea View all
Letters & Comments
May 17, 2023Letter to HFSC Subcommittee on Digital Assets, Financial Technology and Inclusion on Stablecoin Hearing
April 26, 2023Letter to HFSC Subcommittee on Digital Assets, Financial Technology and Inclusion on Digital Asset Market Regulatory Gaps Hearing
April 25, 2023Letter to Senate Small Business Committee on SBA Capital Access Rules Oversight Hearing View all