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America’s Credit Unions is calling on the NCUA to begin rulemaking that would allow credit unions to take custody of digital assets on behalf of their members.
In a July 18 letter to NCUA Chairman Kyle Hauptman, the organization said the recently enacted Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act “provides a clear mandate, and an historic opportunity” for the agency to support innovation in the credit union sector. “To capture that promise,” the letter states, “credit unions must also be able to safeguard members’ digital assets directly.”
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The group urged the NCUA to “move quickly to begin rulemaking that will permit credit unions to provide digital-asset custody in a safe and sound manner, consistent with the Act’s one-year implementation horizon.”
Citing a competitive gap with banks, the letter notes that “banks have had additional clarity as regards cryptocurrency since 2021,” while credit unions “risk losing members to less consumer-focused providers unless the agency swiftly authorizes direct custody.”
The organization praised the NCUA for its previous work in the digital asset space, including guidance posted on the agency’s website. Those resources “laid crucial groundwork,” according to the letter.
America’s Credit Unions closed the letter by encouraging the NCUA to “engage with credit union experts to guide that process” and reiterated its readiness to assist in developing the necessary regulatory framework.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
