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ARTICLE · 03 SEPTEMBER 2024

Banking Regulators' Growing Concerns Over Bank-Fintech Partnerships

K&L Gates
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The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) have jointly issued...

United StatesTechnology
Jeremy M. McLaughlin
Jeremy M. McLaughlin
Grant F. Butler
Grant F. Butler
Joshua Durham
Joshua Durham

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) have jointly issued a request for information (RFI) seeking input on the nature, risks, and implications of bank-fintech partnerships. Accompanying the RFI, the agencies issued a joint statement on banks' arrangements with third parties to deliver bank deposit products and services (Joint Statement). We will be hosting a webinar on this topic on 10 September (register here), and comments to the RFI are due 30 September.

The RFI seeks input on specific practices but is generally based on: (1) the nature of bank-fintech arrangements, (2) effective risk management practices regarding bank-fintech arrangements, and (3) the implications of such arrangements, "including whether enhancements to existing supervisory guidance may be helpful in addressing risks associated with these arrangements." These topics

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