A recent column from Federal Reserve Gov. Michelle Bowman provides an update on regulatory efforts to promote community bank innovation and partnerships with fintech firms.
Bowman provides reg update on fintech partnerships
May 03, 2021 / By ICBA
A recent column from Federal Reserve Gov. Michelle Bowman provides an update on regulatory efforts to promote community bank innovation and partnerships with fintech firms.
A recent column from Federal Reserve Gov. Michelle Bowman provides an update on regulatory efforts to promote community bank innovation and partnerships with fintech firms.
Background: The article in the Philly Fed’s compliance publication outlines types of community bank-fintech partnerships, including customer-oriented, operational, and banking-as-a-service partnerships.
Reg Update: Bowman also says the Fed is planning a paper on partnerships during the second quarter and is working with other agencies on a vendor due diligence guide and interagency guidance for third-party risk management.
ICBA Position: ICBA supports these policy initiatives on behalf of fintech partnerships, which are in line with ICBA recommendations from recent years. Read the article.
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