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.
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
Credits: NCRM, NCCO, CPE
Strategy, FinTech, Web/Tech, Technology, Cloud Computing
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