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WOCCU Urges Level Playing Field for Basel Committee FinTech Regs

The World Council of Credit Unions (WOCCU) urged a level playing field where fintech firms are subject to the same regulatory requirements as credit unions in WOCCU's comments to the Basel Committee on Banking Supervision in response to their Consultative Document – Sound Practices: Implications of fintech developments for banks and bank supervisors.  

WOCCU supported the Committee’s proposal that Financial Technology (‘fintech”) companies be subject to comprehensive prudential, consumer protection, data security and anti-money laundering/countering the financing of terrorism (AML/CFT) regulation.  Fintech companies are technology companies that typically do not have a depository institution charter but offer financial services within the “business of banking.”  WOCCU urged the Committee to promote a regulatory level playing field by ensuring that fintech companies are subject to the same regulatory requirements that apply to authorized deposit-taking institutions such as banks, credit unions, and building societies.

A copy of the letter can be viewed here.

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Basel