Trades gear up to fight the agency’s wish to regulate third-party vendors that serve credit unions.
CUSO leaders say vendor authority would lead to increased costs and more bureaucracy.
Board Chairman Debbie Matz says cybersecurity risks make regulatory authority over CUSOs and vendors essential.
The one clear fact in the raging debate about the role of branches for credit unions is that the voices are getting louder on both sides, with some insisting that clinging to branches is strangling the industry’s profitability while others say that the personalization is what makes credit unions different.
This Opinion piece looks at how smaller may be better when it comes to financial institutions and the ability to deploy cutting-edge technology.