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Global newsletter: Regulators provide clarity on bank-fintech partnerships

Global newsletter: Regulators provide clarity on bank-fintech partnerships

FDIC building

The following is an excerpt from today’s Global Newsletter.

Bank-fintech partnerships have been a thing for over a decade, but there has never been comprehensive guidance on managing these.

Until now.

This week the FDIC, OCC, and the Fed produced a 68-page interagency report detailing how banks should manage third-party relationships.

The TL;DR is that banks must do more to monitor their fintech partnerships, but this should lead to healthier and more productive relationships. Banks will now be more demanding of their fintech partners, so we all need to be ramping up compliance too.

At least this provides clarity…something sorely missing in the crypto space.

OCC headquarters building.
OCC headquarters building.
Share this article  USA
FDIC, Fed, OCC finalize guidance for banks’ third-party partnerships
By Catherine Leffert  
The interagency report recommends practices for financial institutions to manage relationships with fintechs and other third parties.

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