Regulator Allows US Credit Unions to Work with Cryptocurrencies

The National Credit Union Administration (NCAU) разрешило its members to enter into partnerships with external entities to enable the purchase, sale, and storage of cryptocurrencies.

The NCAU plays for federally insured credit unions (FICU) the same role that OCC does for national banks in the United States.

To enter into such arrangements, FICUs will need to develop robust risk assessment, monitoring, and control measures. The NCAU warned that some activities may fall under the supervision of FinCEN, SEC, CFTC or other agencies.

The regulator warned that crypto-related products will not be insured. FICUs should not mislead about their nature and inherent risks.

Earlier, the OCC promised in 2022 to provide additional guidance on integrating cryptocurrencies into banks’ product lines.

In May, the interagency sprint started with the participation of the Federal Reserve, FDIC and OCC, which will continue in 2022. The result of these efforts will be definition of responsibilities for each regulator and the establishment of a mechanism for cooperation.

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