Bank regulators publish guidance on fintech partnerships
A Guide for Community Banks
The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have jointly issued guidance to banks looking to expand their business with fintechs and third-party providers.
The 20-page guide focuses on six topics banks should evaluate in a potential fintech partner:
Business experience and qualifications
Financial condition
Legal and regulatory compliance
Risk management and controls
Information security
Operational resilience
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“Fintechs can provide community banks with many benefits, such as enhanced products and services, increased efficiency, and reduced costs, all bolstering competitiveness.”