{"id":3608,"date":"2021-08-17T09:37:39","date_gmt":"2021-08-17T14:37:39","guid":{"rendered":"https:\/\/www.ncultheaffiliate.com\/?p=3608"},"modified":"2021-08-17T09:37:39","modified_gmt":"2021-08-17T14:37:39","slug":"ncua-approves-rfi-on-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.ncultheaffiliate.com\/?p=3608","title":{"rendered":"NCUA Approves RFI on Cryptocurrency"},"content":{"rendered":"

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At the NCUA\u2019s Board meeting in late July, the Board voted to approve a request for information (RFI) on the current and potential impact of digital assets, cryptocurrency, decentralized finance, and other related technologies on federally insured credit unions. The NCUA says that the information that is gathered will assist the NCUA in creating a framework that ensures credit unions can innovate and compete in an ever-changing marketplace.<\/p>\n

Chairman Harper said of the request for information, \u201cThis request is the logical next step in laying the groundwork for federally insured credit unions to leverage these innovations, but we must recognize that things continue to quickly evolve. We especially need to understand what limitations could affect credit unions\u2019 ability to adopt these technologies and what risks they could pose, so that we can adopt appropriate guardrails to prevent regulatory arbitrage and protect the financial well-being of members and the safety and soundness of credit unions.\u201d<\/p>\n

Vice Chairman Hauptman said, \u201cI\u2019m pleased to see agreement at NCUA that early regulatory clarity is better than waiting until credit unions are left behind in a changing marketplace. The last thing we want is for credit \"\"unions to go the way of Blockbuster Video because their regulator didn\u2019t allow them to compete. We\u2019ve already seen assets move out of the traditional financial sector, and young people are getting used to using new fintech firms for their financial needs. Meanwhile, credit unions are ready to gain market share in services like remittances if we allow them to try new, easier, cheaper technologies.\u201d<\/p>\n

The Nebraska Legislature passed LB 609 this year which allows for the chartering of digital asset banks and allows state banks to serve their customers as custodians for cryptocurrencies. The OCC previously permitted national banks to serve as custodians.<\/p>\n

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[et_pb_section fb_built=”1″ _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”1px|||||”][et_pb_row _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”0px||27px|||”][et_pb_column type=”4_4″ _builder_version=”4.9.4″ _module_preset=”default”][et_pb_text _builder_version=”4.9.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″] At the NCUA\u2019s Board meeting in late July, the Board voted to approve a request for information (RFI) on the current and potential impact of digital assets, cryptocurrency, decentralized finance, and other related technologies on federally insured credit unions. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/3608"}],"collection":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3608"}],"version-history":[{"count":0,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/3608\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}