Fintech Podcast: Regulatory Pulse Check
The Feds have spoken!
A series of recent regulatory developments will make a big impact on how banks, fintechs, and embedded finance companies work together and with customers. Experts Kimberly Monty Holzel, Partner in global law firm Goodwin’s Financial Industry Practice group, and Treasury Prime CEO Chris Dean discuss the implications of the most significant recent regulatory actions on the embedded finance industry including:
1. Federal regulators finalize bank guidance on fintech partnerships - The Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency finalized long-awaited guidance on the due diligence banks are supposed to conduct before and after partnering with fintechs and other third-party vendors. What will this mean for bank fintech partnerships and how can you adapt to the new rules?
2. CFPB supervision of fintech partners – The Consumer Financial Protection Bureau has expressed public interest in supervising consumer-facing fintech companies and has begun doing so. However, many fintechs offer financial services through smaller community banks that are not subject to the primary jurisdiction of the CFPB. How can banks and their fintech partners navigate this?
You can access the full conversation here:
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