Sumary of NCUA wants credit unions to get friendlier with fintechs:
- As credit unions focus more attention on digital assets and financial technology, leaders at the National Credit Union Administration are working to improve existing initiatives, as well as establish new ones, to provide education on the subjects.
- At the 2021 National Association of Federally-Insured Credit Unions congressional caucus, former chairman and current NCUA board member Rodney Hood spoke on these issues and how his agency is working to help credit unions face them.
- “If we deploy technology creatively and strategically, we’re going to be able to really help move the needle when it comes to underserved communities,” said Hood, who currently meets with firms as often as every week to learn about the services they can offer to the credit union industry.
- “We are not experts when it comes to a lot of these technologies, and I don’t want to pretend to be the subject matter expert,” said Rodney Hood, member of the National Credit Union Administration’s board.
- The agency has also put out requests for information to assist with providing guidance to credit unions, without impeding their business decisions.
- Using feedback that the agency receives from the active RFIs, Hood looks to establish a forum to foster dialogues between the NCUA credit unions and subject-matter experts to gain insight to use in the decision-making process.
- Hood also addressed developments in the NCUA’s ACCESS initiative, which was founded in response to the death of George Floyd.
- Through ACCESS, which stands for Advancing Communities through Credit, Education, Stability and Support, the NCUA seeks to provide opportunities and financing to underserved communities to bring them into the economic mainstream.