WASHINGTON (3/19/14)--The Credit Union National Association attended a recent U.S. Treasury Department discussion on how information technology (IT) is transforming financial institutions.
Treasury Assistant Secretary for Financial Institutions Cyrus Amir-Mokri in introductory remarks said the agency is interested in the role of IT changes on the broader financial system, business models, communications to consumers, compliance and the regulatory framework.
During the event, different perspectives regarding investment banking, asset management, commercial banking and academia were presented.
Several points that credit unions may be interested in include:
Technology is changing the financial services landscape rapidly, including non-traditional providers;
Vendor and overall risk management are very important for financial institutions; and
Additional coordination among financial institutions and various regulators would be helpful to address evolving IT data standards, compliance and risk management issues.
Members of the Financial Services Sector Coordinating Council and other stakeholders also attended the discussion, and CUNA and these groups will continue to coordinate on these issues.