NCUA extends comment period regarding digital assets, related technologies

The NCUA has extended the comment period regarding digital assets and related technologies until Oct. 27, according to a notice published in the Federal Register.

At its July 2021 meeting, the NCUA’s board of directors approved a request for information on the use of digital assets and related technologies by federally insured credit unions, with the comment period scheduled to end Monday, Sept. 27.

The NCUA is gathering information from interested parties on the current and potential impact that digital assets, cryptocurrency, decentralized finance and other related technologies will have on federally insured credit unions.

“This request is the logical next step in laying the groundwork for federally insured credit unions to leverage these innovations, but we must recognize that things continue to quickly evolve,” said Todd Harper, NCUA chairman, at the July board meeting. “We especially need to understand what limitations could affect credit unions’ ability to adopt these technologies and what risks they could pose, so that we can adopt appropriate guardrails to prevent regulatory arbitrage and protect the financial well-being of members and the safety and soundness of credit unions.”

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