Berger, on Fox Business, calls for fair, level playing field with fintech banks
Ahead of NAFCU's congressional testimony tomorrow on the risks of fintech chartering, NAFCU President and CEO Dan Berger joined Fox Business Reporter Charlie Gasparino to discuss the issue on The Claman Countdown.
Gasparino asked Berger what NAFCU's message to Washington is.
"It's really simple, all we want is to make sure regulators create a fair and level playing field between fintechs and other financial institutions," Berger said. "We want to ensure that any new banking models are held to the same high standards as credit unions and banks."
Berger detailed how some fintech companies are taking advantage of regulatory loopholes "that escape the oversight of federal financial regulators" and do not clearly require certain fintech companies to follow the same capital requirements that apply to insured banks and credit unions. Berger said this situation is "bad news for consumers and taxpayers" and it can create systemic risk in the financial system.
Berger acknowledged that credit unions have partnered with technology companies for several years to improve the products and services available to their members.
With a new video, op-ed from Dan Berger, and issue brief outlining potential chartering schemes, NAFCU is fighting to ensure fintech banks operate on a level playing field with credit unions and urging policymakers to make necessary changes to combat the risks posed to the financial system by fintechs applying to become a bank or acquiring a bank. The association recently wrote to the CFPB, the Office of the Comptroller of the Currency (OCC), and the House Financial Services and Energy and Commerce Committees on this topic.
Learn more about NAFCU's position on fintech banks and what this issue means for credit unions on the association's dedicated issue advocacy page.
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Board and Governance
Add to Calendar 2023-06-06 14:00:00 2023-06-06 14:00:00 Avoiding and Resolving Harassment Claims: A Primer for Board Members The #me-too movement may have receded from the front of public consciousness, but the need to prevent and resolve harassment claims remains a key function for any employer. As community-oriented organizations, credit unions more than most feel a responsibility for the well-being of their members, employees and volunteers. This webinar, Avoiding and Resolving Harassment Claims: A Primer for Board Members provides both an introduction to the subject for board members, as well as selected deep dives on particular issues of interest to credit union volunteer boards. Key Takeaways Learn to identify the hallmarks of a situation in which it is appropriate for the board to become involved, as opposed to permitting effective resolution through normal human resources procedures Recognize the breadth of current law governing harassment claims, including newly prominent protected categories, the nature and severity of conduct which may constitute harassment, and the fact that conduct that may not rise to the level of a state or federal law civil rights violation may still violate the credit union’s own internal policies, procedures, and ideals, and be subject to appropriate discipline and remedial action Discover appropriate oversight roles for board officers, committee members including supervisory committee members, and other Board members, particularly in the context of passing along a report or complaint of harassment or inappropriate conduct Register Now$295 Members | $395 Nonmembers (Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until June 6, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board of director titles NCVEs and volunteer titles HR titles Education Credits NCVEs will receive 1.0 CEUs for participating in this webinar Web NAFCU email@example.com America/New_York public
Avoiding and Resolving Harassment Claims: A Primer for Board Members
Add to Calendar 2023-06-06 09:00:00 2023-06-06 09:00:00 Fighting Fraud: The Role of Fraud Fusion Centers Listen On: Key Takeaways: [00:56] The concept of a Fraud Fusion Center is a collaboration among professional fraud fighters. Anyone that has been doing this for a while forms a network of trusted advisors and we all go to each other anytime we come across some new or complex case. [02:50] Scams have always been around but the emergence of AI has made them far more sophisticated than we have ever seen before. [05:55] Person-to-person payment apps like Zelle, Venmo, and CashApp are not protected like debit and credit cards. [08:30] Every single time that new technology comes out that makes our lives better, fraudsters will find a way to exploit it. The current state of cyber fraud points credit unions in a lose-lose situation. [20:04] By identifying the information at one credit union and getting it out to others they are getting ahead of these threats. [22:19] Fraud Fusion Centers are critical. Formalize it and make it happen. Web NAFCU firstname.lastname@example.org America/New_York public
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