NAFCU-rep Pacheco: CU regs need to keep pace with fintech, members’ needs

During his testimony on behalf of NAFCU before a House Financial Services subcommittee yesterday, Carlos Pacheco – CEO of Premier Members Credit Union in Boulder, Colo. – highlighted ways in which credit unions utilize technology partnerships to better serve members and the need for a level playing field as more fintech companies begin offering traditional banking products and services.

“As technology companies expand, and new charters emerge to compete in the financial services marketplace, it is important that they compete on a level playing field of regulation and supervision,” Pacheco said. “It is important that Congress ensures laws are modernized to allow regulated financial institutions, such as credit unions, to keep up and compete with technological advances.”

The hearing, hosted by the Subcommittee on Consumer Protection and Financial Institutions, explored the rise of financial technology companies in the financial services space and how lawmakers and regulators could ensure these entities are operating safely while meeting consumers’ needs.

 

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