NCUA seeks comments on new financial technologies

The NCUA is seeking comments on the use of emerging financial technologies, such as blockchain and cryptocurrencies, and NCUA’s role in safeguarding the credit union system. The agency’s Blockchain Working Group briefed the board about opportunities and risks represented by these technologies and identified challenges around their use, including safety and soundness and regulatory compliance. […]

The NCUA is seeking comments on the use of emerging financial technologies, such as blockchain and cryptocurrencies, and NCUA’s role in safeguarding the credit union system. The agency’s Blockchain Working Group briefed the board about opportunities and risks represented by these technologies and identified challenges around their use, including safety and soundness and regulatory compliance.

Credit unions may contact the working group by email at blockchain@ncua.gov with comments or concerns about new financial technologies, their plans to use them, and the possible impact on the credit union system.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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