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ARTICLE · 27 AUGUST 2024

Banking Regulators Issue Statement And Request For Information On Providing Deposit Products And Services Through Third Parties

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On July 25, 2024, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (the FDIC), and the Office of the Comptroller of the Currency (OCC)...

United StatesTechnology
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On July 25, 2024, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (the FDIC), and the Office of the Comptroller of the Currency (OCC) (together, the Federal Regulators) issued a joint statement on banks' arrangements with third parties to deliver bank deposit products and services (the Joint Statement). The Joint Statement is essentially a supervisory guidance document for banks and was released concurrently with a request for information (RFI) on bank-fintech arrangements involving banking products and services distributed to consumers and businesses, including payment and lending products in addition to deposit products. While it is not stated specifically, presumably the RFI may result in the articulation of further supervisory or regulatory standards for this evolving area.

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