Credit Union National Association (CUNA) officials are advocating that the Treasury Department consider a comprehensive digit assets framework that would enhance adoption efforts.
“Credit unions have a long history of serving their members in a direct, individualized way that encourages their financial health and well-being,” the CUNA wrote in correspondence to the Treasury Department in the wake of its request for information on digital asset development. “Innovations related to digital assets provide a new and unique avenue for credit unions to continue this mission with a significant percentage of their members already invested in cryptocurrencies.”
CUNA officials indicated that the organization favors a comprehensive regulatory framework providing consistent oversight for similar products and services; clear data security and data privacy requirements; and a balance with regard to traditional financial services and fintechs as a means of ensuring consumers are able to utilize their most trusted financial partner.
Per the CUNA, digital assets possess the potential to provide an entry point for the unbanked to receive financial services. Officials added that credit union services extend far beyond deposit accounts.
In March President Joe Biden signed an executive order regarding innovation in digital assets. The document outlined a whole-of-government approach to addressing the risks while harnessing the potential benefits of digital assets and the underlying technology.