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NAFCU to NCUA: OFTA will benefit all parties, asks for meeting
Senior Regulatory Affairs Counsel James Akin wrote to the NCUA’s Director of the Office of Financial Technology and Access (OFTA) Charles Vice to discuss future engagement between credit unions and the OFTA to ensure opportunities for the advancement and modernization of the industry.
In the letter, Akin requests “the OFTA offer greater transparency regarding its current and future initiatives and do more to foster a proactive environment wherein credit unions can experiment, learn, and innovate.” He also calls for direct engagement between trade associations and credit unions so that information sharing would allow hurdles to be identified and remediated.
Additionally, Akin offers a potential source of inspiration to support credit union innovation by highlighting the CFPB’s former innovation programs that allowed financial institutions to apply for No Action Letters (NALs) and offered two types of waiver programs: the Trial Disclosure Program (TDP) and the Compliance Assistance Sandbox (CAS). These programs were themed around facilitating innovation in consumer financial markets but also provided regulatory relief or a safe harbor.
NAFCU met with Director Vice earlier this year and requested a follow up meeting to take place as soon as possible. The association will continue to engage the NCUA on credit union modernization and innovation.