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Removing Barriers Blog

CUNA Writes to House Subcommittee Prior to Fintech Hearing
Posted September 28, 2018 by CUNA Advocacy

CUNA wrote to Chairman Leutkemeyer and Ranking Member Clay prior to today's House Financial Services Subcommittee hearing entitled, "Examining Opportunities for Financial Markets in the Digital Era.”  While CUNA supports financial technology innovation, it remains concerned about an environment in which consumers would not receive the same protections as they do at financial institutions.

CUNA wrote, “A regulatory scheme that ensures consumers receive the same protections and those offering these services are subject to similar regulations and supervision credit unions and banks is important to safeguard consumers and the banking system."

Also highlighted in the letter was how technology has enhanced financial institutions’ ability to delivery financial services to consumers, and that credit unions have embraced and developed this kind of technology.