Fed, FDIC, OCC update guidance on third-party risk management
Payments Dive
JUNE 8, 2023
The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.
Payments Dive
JUNE 8, 2023
The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.
Gonzobanker
JUNE 14, 2023
To realize the rewards of the BaaS industry, banks and fintechs are going to have to learn to play by some non-negotiable rules – together. Now, the bank is required to receive FDIC approval for all new third parties and credit products. The FDIC Consent Order is going to impact all partnerships going forward.
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CFPB Monitor
JULY 15, 2021
The Federal Reserve, FDIC, and OCC have released proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such as bank/fintech sponsorship arrangements. Ongoing monitoring. Termination.
Celent Banking
DECEMBER 13, 2016
But the slew of banking regulatory requirements for third party risk management is proving to be complex, all-consuming and expensive for both institutions and the third parties involved. In a nutshell, institutions are liable for risk events of their third and extended parties and ecosystems. " www.fdic.gov.
CFPB Monitor
AUGUST 31, 2021
The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Legal and regulatory compliance. Risk management policies, processes, and controls.
Independent Banker
FEBRUARY 24, 2016
The quickness with which these Wall Street-driven nonbank lenders—variously called peer-to-peer, online marketplace or financial technology (FinTech) lenders—can fulfill borrowers’ requests has enabled alternative lending to double every year since 2010. FDIC-insured deposits largely solve this problem for banks.
CFPB Monitor
NOVEMBER 22, 2022
The report attributes the risk that such schemes will arise to bank/fintech relationships that “lack proper regulatory oversight or principles for responsible lending.”
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