WASHINGTON–A representative of NCUA will be among those testifying before a House hearing today.
The House Financial Services Subcommittee on Digital Assets, Financial Technoogy, and Artificial Intelligence will host the hearing titled, “Innovation at the Speed of Markets: How Regulators Keep Pace with Technology,” beginning at 10 a.m. ET.
The witnesses are to include:
- Randall Guynn, Director, Division of Supervision and Regulation, Federal Reserve Board
- Jay Gallagher, Senior Deputy Comptroller and Chief of National Bank Examiner, Office of the Comptroller of the Currency
- Ryan Billingsley, Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation
- Amanda Parkhill, Acting Director, Office of Examinations and Insurance, National Credit Union Administration
The hearing will include draft legislation, the Financial Services Innovation Act of 2026, which would establish a financial services innovation office to facilitate the approval of compliance agreements and other no-action-type requests.
America’s Credit Unions said it supports the creation of the office and other provisions to “spur the creation of regulatory sandboxes, where participants can obtain advance assurance that enforcement action will not be taken against a product or service that meets minimum supervisory expectations.”
Emerging Issues Committee Meets
Separately, America’s Credit Unions said its Emerging Issues Committee met on Wednesday.
“The group discussed implementing the GENIUS Act, which establishes a framework for issuing stablecoins, as well as sharing questions and thoughts on NCUA’s proposed rule to establish the process for approval and licensure of permitted payment stablecoin issuers,” NCUA said.
That proposal would limit federally insured credit unions to utilizing NCUA-licensed issuers.
America’s Credit Unions said it is accepting member feedback through March 30 and will incorporate input in its submitted comments, which are due to the agenc by April 13.
Also Discussed
ACU said the committee also:
- Examined draft data privacy legislation released last week by the House Financial Services Committee, which would update the Gramm-Leach-Bliley Act to address consumer privacy.
- Discussed emerging state-level issues facing credit unions, particularly the Illinois Interchange Fee Prohibition Act (IFPA), set to take effect July 1, which would ban the collection of interchange on tax/gratuity portions of card transactions in Illinois. Mistakes or failures in implementing the law would result in a $1,000 fine per incident. America’s Credit Unions and the Illinois league are plaintiffs in a lawsuit challenging the law.
