Newsroom
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.
Share This
Related Resources
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E 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 April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Refining the Consumer Loan Experience
Credit Unions, Education, Consumer Lending, Growth & Retention, Current Affairs, Marketing
preferred partner
Securian Financial
Blog Post
Knowledge breeds empathy: New research puts credit union lenders in the minds of today’s borrower
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
Get daily updates.
Subscribe to NAFCU today.