WASHINGTON–Andrew Morris, director of innovation and technology with America’s Credit Unions, will testify today before the House Financial Services Subcommittee on Financial Institutions.
The subcommittee hearing, “Framework for the Future: Reviewing Data Privacy in Today’s Financial System,” will begin at 10 a.m. Eastern.
America’s Credit Unions said it supports a comprehensive data privacy and security regime that pre-empts the patchwork of state laws and acknowledges credit unions and other entities that are already subject to strict standards under the Gramm-Leach-Bliley Act (GLBA).
“Morris will share current credit union requirements under GLBA and highlight principles that should be considered as Congress works on additional legislation,” according to America’s Credit Unions.
The Witnesses
Other witnesses at the hearing are to include:
- Scott Talbott, executive vice president, Electronic Transactions Association
- Rebecca Kuehn, partner, Hudson Cook, LLP
- Jennifer Huddleston, fellow in technology policy, Cato Institute
- Zoë Strickland, senior fellow, Future of Privacy Forum.
Letter Sent
Ahead of the hearing, America’s Credit Unions sent a letter to the committee thatsaid credit unions must have parity with banks in the digital assets marketplace to ensure they remain competitive.
The trade group said it supports bill language including:
- Clarifying stablecoins cannot be treated as a bank deposit or credit union deposit under the Federal Deposit Insurance Act or the Federal Credit Union Act;
- Language that makes clear that credit unions that offer custody or safekeeping services for digital assets, including permitted payment stablecoins and digital commodities, are not required to hold assets held in custody as liabilities on their balance sheet; and
- The creation of a clear regulatory pathway for credit unions to safely offer digital commodity custody services provided they meet the oversight and compliance requirements. However, there is still some ambiguity in this section that should be addressed.
STABLE Support
America’s Credit Unions also said it also supports the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act in the Senate, which defines the term insured depository institution to include credit unions and designates the NCUA as the primary federal payment stablecoin regulator for the credit union industry.
