CUNA to Congress: We Support FinTech Growth in a Fair Regulatory Environment

FOR IMMEDIATE RELEASE       

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop    

Washington, DC (September 27, 2018) – Tomorrow financial technology (fintech) companies will gather for a House Financial Services Committee (HFSC) hearing to examine opportunities for financial markets in the digital era. Credit Union National Association (CUNA) wrote to Congress ahead of the hearing to show support for fintech growth in the financial services marketplace but also stress the need for a fair regulatory scheme.  

An excerpt from the letter reads: “Although CUNA supports the innovations developed and brought into the marketplace by fintech, we remain concerned the regulatory environment might create an environment in which consumers do not receive the same protections from unregulated businesses that offer services traditionally offered by credit unions and banks.” 

Credit unions embrace technological advancements from companies outside of the typical financial services space and see the benefit it provides consumers. Partnerships have been formed with fintech companies to ensure credit unions provide modern and efficient services for today’s American consumer.  

Read the letter in full here 

###       
About CUNA:         

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.