The National Credit Union Administration (NCUA) has signaled greater integration of crypto financial tech innovations with the creation of several positions.
Charles Vice was named to a new Financial Technology and Access Director position, according to NextGov, a government and corporate contracting conduit and news reporting site.
NCUA Chairman Todd M. Harper described Vice as a “forward thinker” in terms of new technologies.
“I am looking forward to working with him on developing and implementing fintech policies and procedures, most especially those that expand economic equity and help to close the wealth gap.”
Vice’s role will cover fintech legislation, advancements in fintech, and transformational projects in the financial services industry, including blockchain, bitcoin, and distributed ledger technology. According to an agency announcement, his position will also be charged with enhancing the examination and monitoring process of digital technologies.
A second “career ladder” position dedicated to working with credit unions and fintech companies “to harness the opportunities that innovation provides to support financial inclusion efforts and make financial services more accessible to underserved communities,” was also announced.
Authorized by Congress in 1970, the NCUA regulates credit unions, which are typically owned by collections of members. The Federal agency insures deposits at federally insured credit unions, etc.
The focus on fintech and appointment of Vice could be read as a positive for crypto technologies which have introduced sometimes controversial, but undeniable innovations in the financial sector.
“Charles knows his job is to ensure the NCUA isn’t a technophobic agency,” NCUA Vice Chairman Kyle Hauptman commented. “The NCUA Board wouldn’t be doing its job if we didn’t embrace fintech, both at the agency and at America’s more than 4800 credit unions.”