US National Credit Union Administration (NCAU) allowed its members partner with third parties to add the ability to buy, sell and store cryptocurrencies.
The NCAU has the same role in federally insured credit unions (FICUs) as OCC in relation to US national banks.
The FICU will need to develop effective risk assessment, monitoring and control methods to enter into such agreements. NCAU warns some activities may come under surveillance FinCEN, SEC, CFTC or other departments.
The regulator warned that as digital assets and technologies evolve, additional guidance may be required.
“Credit unions are seeing an outflow of funds to bitcoin exchanges. Many clients would prefer to get their first cryptocurrency experience by trusting a traditional financial institution. The new rules will allow credit unions to add a new source of income. I would not want these structures to lose the competition because of the fight against innovation. “, – said CoinDesk Kyle Hauptman, NCAU Vice Chair.
The regulator has warned that digital asset-related products will not receive insurance. FICUs must not be misled as to their nature and inherent risks.
Recall that OSS promised in 2022 to provide additional recommendations regarding the integration of cryptocurrencies into the product lines of banks.
An “interdepartmental sprint” started in May with the participation of The fed, FDIC and OCC, which will continue in 2022. The result of these efforts will be to define the areas of responsibility of each regulator and build a cooperation mechanism.
Subscribe to Cryplogger news on Telegram: Cryplogger Feed – the entire news feed, Cryplogger – the most important news, infographics and opinions
Found a mistake in the text? Select it and press CTRL + ENTER
US National Credit Union Administration (NCAU) allowed its members partner with third parties to add the ability to buy, sell and store cryptocurrencies.
The NCAU has the same role in federally insured credit unions (FICUs) as OCC in relation to US national banks.
The FICU will need to develop effective risk assessment, monitoring and control methods to enter into such agreements. NCAU warns some activities may come under surveillance FinCEN, SEC, CFTC or other departments.
The regulator warned that as digital assets and technologies evolve, additional guidance may be required.
“Credit unions are seeing an outflow of funds to bitcoin exchanges. Many clients would prefer to get their first cryptocurrency experience by trusting a traditional financial institution. The new rules will allow credit unions to add a new source of income. I would not want these structures to lose the competition because of the fight against innovation. “, – said CoinDesk Kyle Hauptman, NCAU Vice Chair.
The regulator has warned that digital asset-related products will not receive insurance. FICUs must not be misled as to their nature and inherent risks.
Recall that OSS promised in 2022 to provide additional recommendations regarding the integration of cryptocurrencies into the product lines of banks.
An “interdepartmental sprint” started in May with the participation of The fed, FDIC and OCC, which will continue in 2022. The result of these efforts will be to define the areas of responsibility of each regulator and build a cooperation mechanism.
Subscribe to Cryplogger news on Telegram: Cryplogger Feed – the entire news feed, Cryplogger – the most important news, infographics and opinions
Found a mistake in the text? Select it and press CTRL + ENTER
