Bank Controllers Matter Direction on Collaborating with Fintechs
Dive Brief:
Bank regulators highlighted various regions Friday where community area banks should lead due diligence while banding together with fintech firms to appropriately evaluate a fintech's dangers and qualifications.
The 20-page guide, released by the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve, centers around six themes banks ought to assess in a potential fintech accomplice: business experience and capabilities; monetary condition; lawful and administrative consistence; hazard the executives and controls; data security; and functional versatility.
"This guide is intended to be a resource for community banks when performing due diligence on prospective relationships with fintech companies," the aide s...