My Take on NAFCU's Report on NCUA Board Agendas
Download MP3Per NAFCU:Administrative agencies – including the NCUA and CFPB – have released their spring regulatory agendas, which include several NAFCU and credit union advocacy priorities, as well as already introduced or included items on previous rulemaking agendas.Here are a few notable items included on the agencies’ spring rulemaking agendas:NCUADigital Assets and Related Technologies: Scheduled for December 2022, the NCUA will propose a final rule on decentralized finance and digital assets as they relate to the credit union industry. The agency will consider both the comments on the Request for Information and the recent executive order in evaluating what if any proposals should be forthcoming. NAFCU’s Digital Assets Working Group meets regularly to discuss digital assets updates.Fintech: A fintech proposed rule that Board Member Hood has been championing to provide more flexibility for a credit union to take advantage of advanced technologies and opportunities offered by the fintech sector, has been scheduled for September 2022. NAFCU has urged regulators to ensure a level-playing field between credit unions and fintechs.ACCESS Initiative: Scheduled for September 2022, the NCUA Board is considering the issuance of a proposed rule to amend its chartering and field of membership regulations that would remove outdated requirements, simplify the charter approval process, and clarify regulatory language. NAFCU has been a strong proponent of such amendments.Cybersecurity: The NCUA is reviewing the federal banking agencies' November 2021 rulemaking titled, ‘Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers,’ and may issue similar requirements for the credit union system this summer.
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Per NAFCU:
Administrative agencies – including the NCUA and CFPB – have released their spring regulatory agendas, which include several NAFCU and credit union advocacy priorities, as well as already introduced or included items on previous rulemaking agendas.
Here are a few notable items included on the agencies’ spring rulemaking agendas:
- Digital Assets and Related Technologies: Scheduled for December 2022, the NCUA will propose a final rule on decentralized finance and digital assets as they relate to the credit union industry. The agency will consider both the comments on the Request for Information and the recent executive order in evaluating what if any proposals should be forthcoming. NAFCU’s Digital Assets Working Group meets regularly to discuss digital assets updates.
- Fintech: A fintech proposed rule that Board Member Hood has been championing to provide more flexibility for a credit union to take advantage of advanced technologies and opportunities offered by the fintech sector, has been scheduled for September 2022. NAFCU has urged regulators to ensure a level-playing field between credit unions and fintechs.
- ACCESS Initiative: Scheduled for September 2022, the NCUA Board is considering the issuance of a proposed rule to amend its chartering and field of membership regulations that would remove outdated requirements, simplify the charter approval process, and clarify regulatory language. NAFCU has been a strong proponent of such amendments.
- Cybersecurity: The NCUA is reviewing the federal banking agencies' November 2021 rulemaking titled, ‘Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers,’ and may issue similar requirements for the credit union system this summer.
