Newsroom
March 24, 2022
NAFCU's Digital Assets Working Group meets to discuss CU priorities
The NAFCU Digital Assets Working Group held its first meeting Wednesday where member credit unions and NAFCU staff discussed the ways credit unions have explored digital assets and related technologies, and what credit unions are currently doing to educate themselves and their members.
During the meeting, the group touched on recent digital asset updates, including:
- President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets, which directs various agencies, including federal banking regulators, to investigate the risks and benefits of digital assets through a series of reports, most of which will be due in September 2022;
- the Federal Reserve’s CBDC discussion paper and request for comment;
- NAFCU's Digital Assets issue brief outlining the regulatory environment surrounding the early stages of digital assets’ integration into the broader economy; and
- the NCUA's December 2021 Digital Assets Letter to Credit Unions.
NAFCU will continue to engage Congress, the Treasury Department, the NCUA, and other federal financial regulators to call for credit unions to be granted the ability to engage with digital assets on equal footing with banks.