December 26, 2019

Fed launches fintech innovation program

techThe Federal Reserve Board announced a new initiative – a series of fintech innovation office hours – to hear from financial institutions and financial technology companies on issues involving fintech.

In addition, the board launched a dedicated section of its website focused on fintech innovation meant to serve as a "central hub" of information for stakeholders interested in learning about and engaging with the board on matters related to innovation.

The section also features the latest Federal Reserve Consumer Compliance Supervision Bulletin, summarizing supervisory observations regarding fintech and practical steps for institutions to consider.

According to the release, the fintech innovation office hours sessions will be co-hosted with Reserve Banks across the country. Attendees will have the opportunity to meet on-on-one with Fed staff members and ask questions. Those interested may sign up via the Federal Reserve website.

Earlier this year, the Treasury Department's Financial Crimes Enforcement Network announced a similar program to better shape and inform the agency's ongoing engagement with  anti-money laundering/countering the financing of terrorism innovators.

NAFCU remains committed to ensuring a level playing field for credit unions and will continue to monitor the financial services landscape for potential changes that could impact the industry. 

The association, in September, shared with key agencies its new whitepaper intended to chart a path toward regulatory coordination between traditional financial institutions and fintech companies.

Members of NAFCU's Board of Directors also met with Federal Reserve Governor Michelle Bowman to share results from the 2019 NAFCU Report on Credit Unions, which details the latest issues and trends affecting credit unions, including fintech, as the industry continues to grow and strengthen.