HERNDON, Va. (Nov. 4, 2022) – At the National Credit Union Administration’s 2022 DEI & ACCESS Summit, Vice Chairman Kyle S. Hauptman hosted a panel that explored how blockchain technologies can benefit underserved and unserved consumers. The discussion highlighted the Vice Chairman’s ongoing commitment to small and de novo credit unions, along with his focus on distributed ledger technology (DLT) and how these technologies are currently helping people around the world.
“Blockchain technology will benefit both our diverse communities at home and far-reaching communities abroad,” Vice Chairman Hauptman said. “The ability to automate payments, 24/7, across borders, completely democratizes the financial system.”
Panelists discussed how Black and Hispanic communities, which previously have had less engagement with traditional finance, are now leading the national adoption of crypto. The panel also discussed how digital ID technologies could permeate credit union “know-your-customer” processes and help credit unions mitigate fraud and risk.
Hauptman concluded the panel discussion on blockchain technologies by stating, “It’s Main Street who will benefit the most from cheaper, faster payments.”
The NCUA’s 2022 DEI & ACCESS Summit is a hybrid event taking place November 2–4 that is bringing together professionals from credit unions and other stakeholders to promote the value proposition of diversity, equity, and inclusion for the credit union industry; share DEI and financial inclusion best practices; develop solutions to industry-specific challenges; and network with one another. The theme of this year’s summit is All-In on DEI & ACCESS. ACCESS represents the NCUA’s initiative for Advancing Communities through Credit, Education, Stability, and Support.