Cross River的动态

A good review of recent consent orders and how banks should think about handling partnerships from Kiah Lau Haslett of Bank Director! #banking #Baas #Fintech https://lnkd.in/eVnFnyfw

In its ongoing effort to tighten oversight of the relationships between banks and nonbanks, the Federal Deposit Insurance Corporation (FDIC)?has issued a proposal to strengthen recordkeeping for custodial deposit accounts. This Perkins Coie Update provides a breakdown of the Proposal and its practical implications for fintechs and their bank partners. #Fintech?#InvestmentManagement?#DigitalAssets?#FDIC

Four recent Supreme Court decisions have dramatically curtailed the powers of administrative agencies, potentially opening doors for fintechs and nontraditional banks. For years, federal agencies have been gatekeepers, approving few new bank applications and hesitating to grant master accounts to innovative players. The tide may be finally turning. "Allowing the decision below to stand will enable politically unaccountable federal officials to exercise broad discretion to place massive and unwarranted obstacles in the path of state-chartered financial institutions," says former Solicitor General Paul Clement. What does this mean for the future of banking? - More diverse financial institutions entering the market - Increased innovation in banking services - Potential challenges to long-standing regulations The message from the Supreme Court is clear: Administrative agencies can no longer rely on unchecked authority. This shift could rejuvenate the bank charter trend and create new opportunities for fintech disruptors. Read Klaros Group's latest from Michele Alt.

FDIC bank-fintech recordkeeping rule leaves questions unanswered LINK: https://lnkd.in/efQ-a5T4 #BankingAndFinanceNews #Banking #Regulations Please Repost

FDIC bank-fintech recordkeeping rule leaves questions unanswered LINK: https://lnkd.in/eVQSVQnj #BankingAndFinanceNews #Banking #Regulations Please Repost

#Realtimepayments are becoming popular, making transactions faster and safer. Margaret M Weichert and Irfan Ahmad talk about its benefits for businesses and consumers, focusing on speed, flexibility, and fraud prevention. #fintech #payments #realtimepayments #banking #fraudprevention

Commentators are predicting stricter global regulation for Banking-as-a-Service (where banks partner with fintechs to improve their offerings) in 2024. Looking at the bright side, however, a group of international bankers recently agreed that regulation could be positive because it represented an opportunity for the industry to develop best practices and open up even more opportunities to improve banking for everyone. At DT, we’ve long been a fan of evolving regulation. It has been very positive for our business, our clients (banks and retailers) and their customers. Regulation and compliance are not sideline issues, they are critical. The Financial Brand has more on this trend of rising banking regulation and why it’s necessary: https://lnkd.in/gNQUZDdb If you need advice on regulatory compliance in banking, please reach out. We’ve been in the game for 22 years. #fintech #directtransact #bankingasaservice #transactions #banking #payments #fintechtrends #financialbrand #bankingregulation

In its ongoing effort to tighten oversight of the relationships between banks and nonbanks, the Federal Deposit Insurance Corporation (FDIC)?has issued a proposal to strengthen recordkeeping for custodial deposit accounts. This Perkins Coie Update provides a breakdown of the Proposal and its practical implications for fintechs and their bank partners. #Fintech?#InvestmentManagement?#DigitalAssets?#FDIC

James Lockwood, Harriet Jones-Fenleigh, Katie Stephen, Matthew Gregory and I consider the increased scrutiny of de-banking practices, as well as the litigation and regulatory risks faced by banks when making a decision to suspend or close a customer account. We summarise recent guidance from the courts, practical tips and some key takeaways for banks and financial institutions. #DeBanking #FinTech #Regulation

FDIC Consent Orders Highlight FinTech Risk in Financial Supply Chains. Recent consent orders issued by the Federal Deposit Insurance Corp. against Sutton Bank and Piermont Bank underscore the importance of carefully managing third-party relationships and banking-as-a-service activities. As acting comptroller of the currency Michael Hsu noted in a recent speech, risk-monitoring responsibilities can become unclear when multiple firms with different incentives are involved. Despite these challenges, a PYMNTS Intelligence report found that 65% of banks and credit unions have entered into at least one FinTech partnership in the past three years, with 76% of banks viewing these partnerships as essential to meeting customer expectations. And an overwhelming 95% of banks are focused on leveraging these partnerships to enhance their own digital product offerings. This highlights the growing importance of FinTech partnerships in the financial industry, and the need for banks to carefully manage these relationships to minimize risks. Regulators are taking a closer look at partnerships between banks and digital-only players, which could lead to new approaches in how these partnerships are established and maintained. The future of the financial industry will depend on how well banks can navigate these partnerships to create innovative and secure digital products for their customers. #FinTech #Banking #Partnerships #DigitalProducts #RiskManagement