Credit unions are extremely concerned that largely unregulated fintech companies will pose a significant disruption to their institutions in the coming years, NAFCU said in its "Annual Report on Credit Unions." And many of those fintech companies remain unregulated – an omission that Congress must correct, NAFCU said.
|"The rise of fintech providers underscores the need for Congress and regulators to modernize existing laws and regulations to address emerging technologies and new innovations," the report said.
|NAFCU said according to its February economic and credit union survey, three-quarters of those responding said they are very or somewhat concerned about the rise of fintech companies. The association also reported 93.8% of respondents to its 2017 Federal Reserve Meeting Survey expect information technology to be a major driver for credit union spending increases in the coming years.
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