Removing barriers to credit union digitalization

Credit unions, particularly smaller sized institutions, face barriers when adapting to digitalization.  A roundtable discussion Wednesday between credit union advocates, America’s Credit Unions, and the NCUA focused on these challenges and concerns.

Financial regulators define digitalization as the use of technology to change a business model, provide new revenue and value-producing opportunities, or automate/digitize business processes.

The meeting is part of a multi-agency effort by the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Supervision Community Bank and Credit Union Digitization Subcommittee. The subcommittee is tasked with enhancing support for digitization at community financial institutions.

Attendees who joined America’s Credit Unions Director of Innovation and Technology Andrew Morris and Regulatory Advocacy Senior Counsel Luke Martone in the meeting included Skyline Financial Federal Credit Union President/CEO James Higgins, TENCU President/CEO Rafael Rondon, and Family Focus Federal Credit Union Chief Information Officer Derek Smith in the meeting.