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Fintech partnerships can benefit CUs.

Recent guidance from the Basel Committee on Banking Supervision setting global standards for the regulation of financial technology (“fintech”) companies is helping to level the regulatory playing field between fintech companies and credit unions as well as encourage fintechs to partner with credit unions and other depository institutions.

Fintech companies are now increasingly looking to partner with credit unions and banks because of the Basel Committee’s new fintech rules titled “Sound Practices on the Implications of Fintech Developments for Banks and Bank Supervisors” that were published earlier this year.  Big technology companies such as Google and Apple are also now less likely to expand their financial services offerings as a result of this Basel Committee standard.

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