Newsroom
ICYMI: Google shares checking account plan with NAFCU
Technology companies are increasingly seeking ways to enter the financial services marketplace, and Google last week detailed its intentions to start offering checking accounts during a meeting at NAFCU's headquarters with association President and CEO Dan Berger and Executive Vice President of Government Affairs and General Counsel Carrie Hunt.
Berger said NAFCU held the meeting with Google executives "in an effort to protect our member credit unions' interests" and determine how the checking accounts could impact the credit union industry and its 118 million members.
"While we believe it is extremely important that our industry continue to explore innovative solutions, NAFCU will always work to protect credit unions and ensure any developments in the marketplace do not disrupt their ability to compete and serve their members," Berger said. "We will hold additional meetings with Google and other payment system stakeholders to assess the value and challenges this new partnership may bring."
The tech company told NAFCU that it is partnering with Citigroup and Stanford Federal Credit Union to offer the checking accounts through its Google Pay app, though additional banks and credit unions would likely have the opportunity to join later.
Unlike traditional methods of opening an account with the financial institution, consumers would open the checking account with Google through Google Pay. Google would be responsible for collecting all necessary paperwork as required for account opening and Know Your Customer, but financial institutions would still be responsible for financial and compliance activities related to the checking accounts.
In addition, the checking account and associated debit card would be Google branded – not the financial institution providing the products. As this is intended to be an online-only checking account, consumers wouldn't have access to physical branches of the bank or credit union.
Google explained to NAFCU that it does not intend to charge financial institutions for offering the checking accounts, but would likely make money from debit card transaction fees. It would also allow peer-to-peer money transfers through the Google Pay app.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.