July 29, 2021

NAFCU seeks CU feedback on usage of digital assets

RegulationsThe NCUA issued a request for information (RFI) during its July board meeting regarding how credit unions use and may use digital assets and what risks such uses pose to credit unions, related entities, and the agency. In a new Regulatory Alert sent to members Wednesday, NAFCU seeks credit union feedback on the RFI.

The Regulatory Alert details how the issue impacts credit unions and outlines questions for credit unions to consider when providing feedback on this topic, including:

  • whether or not a credit union currently or plans to use any digital asset; and
  • to what extent, if any, has regulatory uncertainty discouraged the credit union from using or planning to use any digital asset.

NAFCU has previously met with Vice Chairman Kyle Hauptman and Board Member Rodney Hood separately to discuss allowing credit unions the flexibility to partner with fintech companies, while also balancing the potential risks associated with them.

Comments are due to NAFCU September 13 and can be submitted through the alert; comments are due to the NCUA September 27. Subscribe to receive Regulatory Alerts.