Regulators provide clarity on bank-fintech partnerships
Regulators provide clarity on bank-fintech partnerships
By Peter Renton
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.
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By Catherine Leffert, The interagency report recommends practices for financial institutions to manage relationships with fintechs and other third parties.
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