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Congress should carefully regulate fintech companies and give credit unions the regulatory freedom to compete against them, Carlos Pacheco, CEO of the $1.4 billion Premier Members Credit Union in Boulder, Colo., told a House subcommittee Thursday.
"It is important that Congress ensures laws are modernized to allow regulated financial institutions, such as credit unions, to keep up and compete with technological advances," Pacheco said in testimony presented to the House Consumer Protection and Financial Institutions Subcommittee. The subcommittee held a hearing on trends in institutional charters.
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