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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