Securing credit unions’ role in digital assets marketplace

Digital assets and technology dominated the discussion for the Small Credit Union Advocacy Advisory Panel Thursday.  The group is working through the most pressing issues facing small credit unions based on a survey of small credit unions earlier this year.

The focus on digital issues as the third most pressing issue for small credit unions follows previous discussions addressing the most pressing (fraud, covered during the March meeting), followed the second most pressing (regulatory relief, covered in April’s meeting).

In addition to hearing perspectives from member credit unions with varied stances on participating in the digital assets marketplace, America’s Credit Unions shared its recent advocacy efforts on the topic, and encourages credit unions to comment on two active proposals. Reg Comment alerts are issued on:

• Treasury/Office of Foreign Assets Control proposal for anti-money laundering/countering the financing of terrorism (AML/CFT) obligations for permitted payment stablecoin issuers; and 
• Treasury proposal establishing principles for determining when a state-level regulatory regime is substantially similar to the federal regulatory framework.

The advocacy team members also provided an update on recent Executive Orders regarding verifying citizenship and fintechs; the recent Federal Financial Institution Examination Council proposal to modernize the “M” component of CAMELS ratings; and NCUA’s interim final rule confirming federal preemption of the Illinois Interchange Fee Prohibition Act.

Group members also shared thoughts on the recent Small Credit Union Conference, especially the advocacy issues update and focus on topics including artificial intelligence (AI), leadership, and taking action in advocacy efforts.  

The next Small Credit Union Conference takes place in Baltimore, Oct. 25-27.