White House releases Executive Order on Digital Assets
President Biden released an Executive Order on Ensuring Responsible Development of Digital Assets Wednesday, designed to protect Americans as “digital assets can pose significant financial risks to consumers, investors, and businesses if appropriate protections are not in place.” In general, the order 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.
In addition, the order indicates that exploring a central bank digital currency (CBDC) remains a high priority for the Administration and requires a host of agencies to participate in an interagency process to determine whether a CBDC has merit. Of note, the Administration seems to be accelerating the timeline for formal consideration of a potential U.S. CBDC by simultaneously directing the Attorney General and other agencies to assess potential legislative changes that may be needed to authorize issuance of a CBDC.
The order identifies the CFPB as one of the agencies that will contribute to separate reports and analysis related to consumer protection, privacy, and competition policy.
“Today’s Executive Order recognizes that the dramatic growth in digital asset markets has created profound implications for financial stability, consumer protection, national security, and energy demand,” stated CFPB Director Rohit Chopra in response to the order. “The Consumer Financial Protection Bureau is committed to working to promote competition and innovation, while also reducing the risks that digital assets could pose to our safety and security. We must make sure Americans in all financial markets are protected against errors, theft, or fraud.”
The order also directs Treasury, law enforcement and intelligence agencies to analyze the role digital assets play in illicit finance and their impact on national security, and to recommend actions for mitigating corresponding risks.
NAFCU's Cybersecurity and Payments Committee recently met and reviewed the Federal Reserve’s CBDC discussion paper and request for comment, as well as other updates on digital assets. The association has also released a Digital Assets issue brief outlining the regulatory environment surrounding the early stages of digital assets’ integration into the broader economy; the document will be updated regularly as this topic evolves.
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.
Examination & Enforcement
Add to Calendar 2022-06-28 14:00:00 2022-06-28 14:00:00 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation In this webinar you’ll learn how to identify, prevent, respond, and report scams and fraud targeting older adults. Though anyone can experience fraud and financial exploitation, scammers and other bad actors often target older adults. Explore why your older members may be at risk, who the abusers are, and red flags to identify scams and fraud. You will also hear about steps that older adults, their caregivers and loved ones, and credit union staff can take to spot and report financial exploitation if it does occur. In 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation, you will get a baseline understanding of elder financial exploitation and what you can do about it. Topics covered include: defining elder financial exploitation, common types of fraud and scams, a snapshot of data about scams, prevention and reporting resources, including financial caregiving and Trusted Contacts. Key Takeaways Learn the basics of elder financial exploitation, fraud, and scams. Review red flags and prevention resources for members, their caregivers and loved ones. Discover resources to help credit union staff spot, prevent, and report financial exploitation. Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until June 28, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOS NCBSOs NCRMs Compliance, BSA and risk staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in the 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, DC. 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 email@example.com America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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