Fintech
Banking regulators issue guidance on risks posed by bank-fintech relationships | News in Brief
Three federal banking regulators have issued guidance on the risks posed by using third-party financial technology (fintech) companies to provide deposit-taking products and services to customers.
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Treasury Department’s Office of the Comptroller of the Currency released a joint statement Thursday on bank-fintech partnerships, which also provided financial institutions with best practices for managing risk.
Additionally, regulators have issued a request for information to financial institutions to describe the types of banking products and services offered by fintechs.