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Petros talks fintech, industry regulations, more with CU Times
NAFCU Vice President of Regulatory Affairs joined CU Times Editor-in-Chief Michael Ogden yesterday to discuss fintechs, regulatory advocacy, and several other industry hot topics.
During the discussion, Petros compared different products that could be considered a fintech like Rocket Mortgage, SoFi, Zelle, mobile banking and others.
“We can no longer ignore the digital space in the financial service industry and must adapt,” said Petros.
Additionally, Petros spoke about how regulators across the board are looking at fintechs, the threat of fraud, and the oversight they pose to credit unions. Petros also highlighted a survey of NAFCU members where 89% of the respondents indicated they increased their fraud prevention measures. This battle has taken to Capitol Hill with lawmakers looking into how to prevent fraud and navigate new industry products.
Petros and Ogden also discussed:
- the evolution of fintechs in the industry;
- credit unions stepping up during the COVID pandemic to provide credit to small businesses;
- buy now, pay later providers;
- the upcoming NCUA Board makeup and their priorities; and
- chatbots and artificial intelligence.
For more credit union industry insights, Petros hosts the NAFCU Credit Union Policy Podcast (CUPP) where she takes listeners inside what’s going on in Washington D.C. to hear where lawmakers and regulators stand on key issues and what they’re working on next. Petros recently sat down with NCUA board member Rodney Hood where they talked about the fintech frenzy and the importance of building strategic partnerships.
NAFCU will continue to provide credit unions with industry-leading advocacy, compliance, and education.