The Basel Committee on Banking Supervision today issued a Consultative Document seeking comment on how regulating the fintech industry, and how fintech rules may affect the banking/credit union industry. The document makes 10 key observations and related recommendations on supervisory issues for consideration by financial institutions and supervisory authorities. The document appears to be an attempt to level the playing field between the regulation of traditional financial institutions and the rapidly developing new technologies that appear to lower the barrier to entry into (or in some instances circumvent) the financial services market.
The document is entitled: Sound Practices: Implications of Fintech Developments for Banks and Bank Supervisors and can be found here. The deadline for comments is October 31, 2017.
WOCCU looks forward to providing the credit union perspective on this important topic.