Newsroom

July 24, 2018

NAFCU urges level playing field as Congress looks to reform BSA

blockchainNAFCU today will monitor a House Financial Services Committee mark-up of several bills, including the NAFCU-backed Financial Technology Protection Act (H.R. 5036), which aims to prioritize the investigation of terrorists’ use of new financial technology, including digital currencies.

The bill would establish an Independent Financial Technology Task Force that would reward information leading to convictions related to terrorist use of digital currencies and a FinTech Leadership in Innovation Program to encourage the development of tools and programs to combat such terrorists and their actions.

In a letter to committee leaders Monday, NAFCU Vice President of Legislative Affairs Brad Thaler encouraged them to examine the role fintech plays in the industry and the growth of digital currencies as Congress looks to reform and strengthen the Bank Secrecy Act (BSA).

“NAFCU has long advocated for holding fintech companies to the same regulations as credit unions, maintaining not only a fair playing field in the financial marketplace, but protecting the marketplace from bad actors,” Thaler wrote to committee Chairman Jeb Hensarling, R-Texas, and Ranking Member Maxine Waters, D-Calif.

NAFCU continues to support a fair playing field so credit unions have as many opportunities as banks and non-regulated entities as part of its 2018 priorities.

Also in today’s mark-up is the Mortgage Fairness Act of 2017 (H.R. 2570), which would amend the Truth in Lending Act to ensure that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such a loan.

Today’s mark-up is slated to begin at 10 a.m. Eastern.