WASHINGTON–Representatives from America’s Credit Unions advocacy team have offered an update from several meetings with regulators and administration officials.
Among the meetings attended:
- Roundtable discussion hosted by the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Supervision Community Bank and Credit Union Digitization Subcommittee and the NCUA
- Financial Literacy and Education Commission (FLEC) meeting hosted by Treasury
- White House America 250 Innovation Summit
According to America’s Credit Unions, below is an overview of what was discussed:
FFIEC and NCUA Roundtable on Digitization
ACU Representatives: America’s Credit Unions Director of Innovation and Technology Andrew Morris and Senior Regulatory Advocacy Counsel Luke Martone attended
Discussed: The barriers experienced by credit unions, smaller credit unions in particular, while adapting to digitization.
Also in attendance: UMassFive College Federal Credit Union Executive Vice President/Chief Operating Officer Lauren Duffy, Skyline Financial Federal Credit Union President/CEO James Higgins, TENCU President/CEO Rafael Rondon, and Family Focus Federal Credit Union Chief Information Officer Derek Smith
About the Event: The roundtable is part of a multi-agency effort from the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Supervision Community Bank and Credit Union Digitization Subcommittee. The subcommittee is tasked with enhancing support for digitization at community financial institutions.
Additional Note: Financial regulators define digitalization as the use of technology to change a business model, provide new revenue and value-producing opportunities, or automate/digitize business processes.
FLEC Meeting
ACU Representative: America’s Credit Unions Regulatory Advocacy Counsel, Innovation & Technology John Vatian.
Discussed: Rising fraud risks and federal efforts to modernize government payments.
Comment: “When discussing national trends in payments fraud, the Federal Trade Commission (FTC) reported consumers lost nearly $13 billion in 2024, while the Federal Reserve said check fraud has surged 385% since 2019,” America’s Credit Unions reported. “Agencies stressed stronger collaboration, better consumer education, and consistent definitions of ‘fraud’ and ‘scams’ were needed improvements.
Also Taking Place: A second panel tackling an Executive Order to modernize federal payments, revealed the Department of Veterans Affairs, Social Security Administration, and IRS—who are responsible for 85% of all federal checks—are working to transition beneficiaries to direct deposit or electronic cards, the trade group reported.
America’s Credit Unions noted that it wrote in support of the Executive Order in June, urging the Treasury to be flexible in its implementation.
Additional Concerns: Top concerns included scammers impersonating government agencies, particularly around benefits and tax payments, and outreach to unbanked and older Americans with a focus on face-to-face education.
White House America 250 Innovation Summit
America’s Credit Unions Representative: Head of Regulatory Advocacy James Akin attended event
About the Event: White House Domestic Policy Council and Office of Public Policy discussed plans to celebrate the 250th anniversary of the country next year, the event focused on innovation across all industries to aid consumers and improve the economy.
The Feedback: America’s Credit Unions noted technology will be key to government efforts to fight fraud, America’s Credit Unions wrote in response to a request for information last week. The organization has also called on Congress, the NCUA, and regulators to assess new technologies with a balanced and flexible approach that allows for continued innovation while protecting consumers, the trade group added.
