{"id":54870,"date":"2021-12-17T13:51:02","date_gmt":"2021-12-17T11:51:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=54870"},"modified":"2025-09-03T22:33:15","modified_gmt":"2025-09-03T19:33:15","slug":"regulator-allows-us-credit-unions-to-work-with-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/regulator-allows-us-credit-unions-to-work-with-cryptocurrencies\/","title":{"rendered":"Regulator Allows US Credit Unions to Work with Cryptocurrencies"},"content":{"rendered":"<p>The National Credit Union Administration (NCAU) <a href=\"https:\/\/www.ncua.gov\/regulation-supervision\/letters-credit-unions-other-guidance\/relationships-third-parties-provide-services-related-digital-assets\">\u0440\u0430\u0437\u0440\u0435\u0448\u0438\u043b\u043e<\/a> its members to enter into partnerships with external entities to enable the purchase, sale, and storage of cryptocurrencies.<\/p>\n<p>The NCAU plays for federally insured credit unions (FICU) the same role that <span data-descr=\"Office of the Comptroller of the Currency within the United States Department of the Treasury\" class=\"old_tooltip\">OCC<\/span> does for national banks in the United States.<\/p>\n<p>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 <span data-descr=\"Financial Crimes Enforcement Network (FinCEN) within the U.S. Department of the Treasury\" class=\"old_tooltip\">FinCEN<\/span>, <span data-descr=\"Securities and Exchange Commission (SEC)\" class=\"old_tooltip\">SEC<\/span>, <span data-descr=\"Commodity Futures Trading Commission (CFTC)\" class=\"old_tooltip\">CFTC<\/span> or other agencies.<\/p>\n<p>The regulator warned that crypto-related products will not be insured. FICUs should not mislead about their nature and inherent risks.<\/p>\n<p>Earlier, the OCC<a href=\"https:\/\/u1f987.com\/en\/news\/us-banking-regulator-warns-of-crypto-adoption-risks\"> promised<\/a> in 2022 to provide additional guidance on integrating cryptocurrencies into banks&#8217; product lines.<\/p>\n<p>In May, the interagency sprint<a href=\"https:\/\/u1f987.com\/en\/news\/u-s-financial-regulators-to-form-interagency-group-to-chart-a-cryptocurrency-strategy\"> started<\/a> with the participation of <span data-descr=\"Federal Reserve System (the Fed)\" class=\"old_tooltip\">the Federal Reserve<\/span>, <span data-descr=\"Federal Deposit Insurance Corporation (FDIC)\" class=\"old_tooltip\">FDIC<\/span> and OCC, which will continue in 2022. The result of these efforts will be <a href=\"https:\/\/u1f987.com\/en\/news\/us-banking-regulators-to-prepare-cryptocurrency-guidance-in-2022\">definition of responsibilities<\/a> for each regulator and the establishment of a mechanism for cooperation.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Credit Union Administration (NCAU) has allowed its members to enter into partnerships with external organizations to enable the purchase, sale, and storage of cryptocurrencies.<\/p>\n","protected":false},"author":1,"featured_media":54871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,36,26],"class_list":["post-54870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=54870"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54870\/revisions"}],"predecessor-version":[{"id":54872,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54870\/revisions\/54872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/54871"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=54870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=54870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=54870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}