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NAFCU meets with Google as tech company launches checking accounts
NAFCU President and CEO Dan Berger and Executive Vice President of Government Affairs and General Counsel Carrie Hunt met with Google executives at NAFCU's headquarters Wednesday following the company's announcement that it will be partnering with Citigroup and Stanford Federal Credit Union to offer checking accounts to consumers as soon as next year.
"In an effort to protect our member credit unions' interests, NAFCU [Wednesday] met with Google executives to discuss the tech company's checking account efforts and its potential impact on credit unions and the 118 million consumers they serve," Berger said. "While we believe it is extremely important that our industry continue to explore innovative solutions, NAFCU will always work to protect credit unions and ensure any developments in the marketplace do not disrupt their ability to compete and serve their members.
"We will hold additional meetings with Google and other payment system stakeholders to assess the value and challenges this new partnership may bring," he added.
According to reports, Google users would be able to access banking accounts through the Google Pay app. While Citigroup and Stanford Federal Credit Union are the initial partners for this endeavor, additional banks and credit unions would likely have the opportunity to join later.
Earlier this year, Apple began offering a credit card that connects to customers' Apple Wallet. In addition to a digital card that can be used anywhere Apple Pay is accepted, there is also a physical card provided by Goldman Sachs.
NAFCU acknowledges the benefits of fintech and in September released a new whitepaper that charts a path toward regulatory coordination between traditional financial institutions and fintech companies. The association shared the recommendations directly with leaders of the NCUA, CFPB, Federal Reserve, and Treasury Department.
NAFCU will keep credit unions informed as more develops in this space.