The National Association of Federally-Insured Credit Unions
(NAFCU) Cybersecurity and Payments Committee recently convened to review the Federal Reserve’s central bank digital currency (CBDC) discussion paper.
Additionally, the panel also received digital asset updates, with NAFCU staff offering briefings regarding the latest Cybersecurity and Infrastructure Security Agency (CISA) and National Credit Union Administration (NCUA) cybersecurity initiatives.
The Cybersecurity and Payments Committee analyzed the Federal Reserve’s discussion paper and highlighted the NAFCU’s Regulatory Alert, soliciting member feedback in the process.
Before the panel review proceedings, NAFCU released an issue brief outlining the regulatory environment surrounding the early stages of digital assets’ integration into the broader economy. The panel reviewed the brief and discussed legislative activity related to stablecoin and digital asset regulation.
The Federal Reserve Board said the discussion paper, released in January, examines the pros and cons of a potential domestic CBDC and solicits public comment while serving as the initial step in a discussion regarding whether and how a CBDC could improve the safe and effective domestic payments system.
The NAFCU noted it would continue to monitor the Fed Reserve’s comment process while remaining committed to ensuring credit unions have equal footing amid the financial services landscape.