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As cryptocurrency remains a hot topic for credit union and financial industry leaders, there are numerous questions surrounding how credit unions can and cannot use the digital currency.
On Wednesday, the payments CUSO giant PSCU announced the launch of a new cryptocurrency microsite targeted to and curated for credit unions to help educate the industry about all things related to digital assets. The announcement of the new site, pscu.com/crypto, was made during PSCU's Member Forum happening in Las Vegas.
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"There is no doubt cryptocurrency is a hot topic in today's financial landscape, with many credit union members already active and others curious to learn more about it," Scott Young, vice president of innovation and design at PSCU, said. "Due to a lack of regulatory guidance until now, credit unions have held back from any involvement with cryptocurrency, the landscape is rapidly changing – making it the optimal time for credit unions to educate themselves. We are hopeful that credit unions can use this new resource to educate their staff and their members, evaluate associated risks and make informed decisions surrounding participation in this rapidly evolving payments technology."
Under current regulations, credit unions are not allowed to hold any digital assets on the books. However, the NCUA announced in December 2021 that credit unions may partner with third-party cryptocurrency providers to help members buy, sell and invest in cryptocurrency.
At the time, NCUA Chairman Todd Harper said due to the complex nature of digital assets, "The authority for federally insured, state-chartered credit unions (FISCUs) to establish these relationships will depend upon the laws and regulations of their states."
That complexity, according to PSCU, is where its microsite comes into play, as it will be updated with research, white papers, videos and other posts from industry thought leaders.
"The goal of PSCU's new educational microsite is to help credit unions learn more and be prepared as member interest in cryptocurrency and other digital assets grows and the landscape evolves," a statement from PSCU read.
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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.
