WASHINGTON (11/12/14)--President Barack Obama released a statement Monday calling for "net neutrality" to become policy and urged the Federal Communications Commission to adopt a strict set of neutrality rules. Net neutrality is a principle that internet service providers should treat all data equally, as opposed to letting certain entities pay for faster speeds and better access.
"We cannot allow Internet service providers (ISPs) to restrict the best access or to pick winners and losers in the online marketplace for services and ideas," Obama said, in a video address.
This is an issue for credit unions and other small financial institutions that, without net neutrality, could potentially have to pay more money to obtain, or maintain, secure, reliable and fast online financial services for members.
Obama's proposed rules would prohibit any ISP from blocking access to legal content, prevent ISPs from slowing down some content or increasing speed of others and prohibit "fast lanes" for companies that want to pay a fee for preferred, faster access.
The Credit Union National Association is engaging with industry groups to monitor progress surrounding these issues.