Credit Unions Support OCC’s FinTech Proposal, Sort Of

first_imgHome / Daily Dose / Credit Unions Support OCC’s FinTech Proposal, Sort Of  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The National Association of Federally-Insured Credit Unions is coming out in support—at least in part—of the OCC’s recent proposal to afford special purpose national bank charters to FinTech companies.In a letter to the Office of the Comptroller of the Currency (OCC), NAFCU Regulatory Affairs Counsel Andrew Morris said that while the organization is behind the OCC’s recently proposed initiative to allow FinTechs to operate as banks, it also believes these companies need regulation and supervision. And, in particular, they should be held to the same standards of already existing banks and credit unions.“Innovation in financial services and technology contributes to the growth of the entire financial sector,” Morris wrote. “However, NAFCU believes that FinTech companies require a minimum level of regulation and supervision to ensure fair competition and consumer protection … NAFCU also believes that chartered FinTech companies should be held to the same consumer protection laws as chartered banks and credit unions and that the OCC should only deviate from such uniformity in extraordinary circumstances.”Morris also called attention to the issues of cybersecurity with FinTechs.“Fintech companies stand to play a vital role in the financial sector,” Morris wrote, “and their cybersecurity security standards should reflect the increased risk of handling and processing large volumes of financial data online. If FinTech companies are to be entrusted with aggregating millions of consumer records and information—both financial and non-financial in some instances—then they should be held to the same high standards as banks and credit unions of similar size and complexity.”Overall, the move to offer special purpose charters to FinTechs is only the first step of many in expanding the lending market. In the future, other non-bank entities may also be granted charter eligibility, and when this occurs, it will be important to ensure a level playing field for all financial institutions, Morris said.“As the OCC begins to identify requirements for prospective charter applicants,” Morris wrote, “it should ensure that online lenders, aggregators, and other non-bank entities that seek the benefits of a charter are generally held to the same consumer protect and data standards as banks and credit unions.”The OCC proposed allowing special purpose bank charters for FinTech firms in late November 2016. In his announcement, Comptroller of the Currency Thomas Curry said doing so was in the overall public interest.“FinTech companies hold great potential to expand financial inclusion, empower consumers, and help families and businesses take more control of their financial matters,” Curry said. “FinTechs, while not without some risks, also can potentially deliver these products and services in a safer and more efficient manner. Preferences and needs of consumers, communities, and business are changing. And chartering companies that are finding new and better ways of satisfying those needs is another step toward supporting responsible innovation that is good for consumers, good for the federal banking system, and good for the country.”Read more about the OCC’s proposal by clicking here. Tagged with: Credit Unions Fintechs NAFCU OCC About Author: Aly J. Yale Previous: A Mixed Bag of Profitability and Mortgage Income Next: Under-$30K Earners Denied TARP Assistance in Droves Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Credit Unions Support OCC’s FinTech Proposal, Sort Of Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News, Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Credit Unions Fintechs NAFCU OCC 2017-01-13 Brian Honea January 13, 2017 1,406 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Subscribelast_img read more

Governor Wolf Backs Bipartisan Bills to Help ‘Grandfamilies’ Affected by Opioid Crisis

first_img Press Release,  Public Health,  Seniors,  Substance Use Disorder Harrisburg, PA – Governor Tom Wolf today threw his support behind bipartisan state and federal proposals to help “grandfamilies” and aid grandparents who have assumed sole care-giving responsibilities for their grandchildren, especially those affected by the opioid epidemic, by ensuring they have access to all the services possible to help them with their duties as caregivers and guardians.Governor Wolf backed a package of legislative proposals in the State House proposed by Rep. Eddie Day Pashinski, D-Luzerne, and Rep. Kathy Watson, R-Bucks, and joined U.S. Senator Bob Casey in urging the U.S. House to pass his federal legislation, Supporting Grandparents Raising Grandchildren Act, which passed unanimously in the U.S. Senate.“One of the worst effects of the opioid crisis is the damage the disease of addiction has done to so many families across Pennsylvania,” Governor Wolf. “Many grandparents are stepping up to take care of their grandchildren and we need to make sure they have our full support as caregivers and legal guardians of children, our most innocent bystanders to this awful epidemic.“These grandparents are making sacrifices to help their families and communities and they should be accessing all the resources available to help them. I hope the state legislature will send these bipartisan bills to my desk with the necessary funding to implement these programs, and I urge the U.S. House to pass Senator Casey’s legislation.”The state proposals recently advanced from the House include House Bills 2133 (Watson) and 1539 (Pashinski), and House Resolution 390 (Pashinski).According to the bills’ sponsors, an estimated 82,000 grandparents are the sole caregivers for nearly 89,000 grandchildren in Pennsylvania. That number is increasing due to the devastating opioid crisis across the commonwealth. The House Children and Youth Committee held a hearing on the issue last summer, with estimates showing that Pennsylvania grandparents are saving the state at least an estimated $1 billion a year by keeping their grandchildren out of the foster care system. April 10, 2018 Governor Wolf Backs Bipartisan Bills to Help ‘Grandfamilies’ Affected by Opioid Crisiscenter_img SHARE Email Facebook Twitterlast_img read more