NAFCU offers Federal Reserve recommendations on account, payment service access
NAFCU Senior Counsel for Research and Policy Andrew Morris Monday wrote to the Federal Reserve to offer the association's concerns and recommendations regarding a set of proposed guidelines the Federal Reserve Banks will use when evaluating requests for accounts and payments services.
In the letter, Morris underscored the importance of the Federal Reserve adopting a uniform and transparent framework for evaluating request for access to the Federal Reserve payment system. Morris also urged the Federal Reserve to ensure that non-federally-insured institutions meet the same safety and soundness standards applicable to insured institutions.
NAFCU has raised concerns about Fed access for fintech companies as they could pose risks to the financial system and offered support for the proposed principles that recognize the unique risks posed by fintechs and other nontraditional entities.
Morris also suggested the Federal Reserve Board should exercise heightened due diligence when evaluating requests from non-depository institutions engaged in novel financial activities.
In addition, Morris urged against promoting standards that would be more burdensome than what currently exist for credit unions seeking access to Fed services today. Morris stated the guidelines should not entail a more onerous standard for monitoring credit unions that currently have account and service access.
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 firstname.lastname@example.org 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
Get daily updates.
Subscribe to NAFCU today.