Conor Doyle’s Post

U.S. regulators have published a new resource to help community banks navigate the regulatory minefield that is BaaS-enabled banking. Baas-enabled banks seeking to navigate third-party relationships may find the new resource frustrating, however. While some of the advice in the document is helpful, the agencies have built a lot of wiggle room for themselves into the document. Ultimately, however, the guidance is better than nothing. #BaaS #CommunityBanks #Fintech https://lnkd.in/gj2ssnC7

I've often said that #enforcementactions are an excellent way to have a good early warning sign - use them like a lens to look at your own practices and think, "Hmmmm, is there anything here that sounds like my institution". Konrad Alt and Klaros Group explain it better in this Fortune article. #fintech #riskmanagement #compliance

Bad news for some and a wake-up call to anyone not getting the message from last week's joint Fed/FDIC/OCC statement on the strong need for third-party risk management. I think it's a validation of the courage and fortitude of banks and fintechs determined to create partnerships that do things right. And who've done the hard work to make sensible, practical, and regularly-monitored relationships of this type a reality in the rapidly evolving financial marketplace. "There’s very little doubt that the vast majority of current financial institutions and their fintech partners have taken care to construct sensible, practical, secure, and regularly-monitored arrangements to do business together. Many of these partnerships have created additional value for the parties involved, and also brought innovation, enhanced efficiency, and a richer client experience and product availability to the financial services marketplace. For those who haven’t followed best practices, done their due diligence, or maintained ongoing oversight of all elements of such partnerships, there will surely be a shakeout soon after the clarion call from US authorities for better awareness and risk management of bank/third party relationships." More on this developing story (special thanks to Jason Mikula and Lex Sokolin for the excellent and very thorough background research and reporting they've done on the Synapse collapse) in Finextra. #prudentpartnership #fintech #futureofbanking #responsibleregulation

Focus is key in BaaS success: Banks must align their strengths with opportunities while managing risk. Dabble less, innovate smarter! Explore how to navigate the changing BaaS landscape. #BankingInnovation #CCGCatalyst #BankingResearch Stay Smart About Innovation: Tyler Brown https://lnkd.in/gk8KecBZ

Fintech companies and their sponsor banks are under increased scrutiny from regulatory bodies like the Federal Reserve, OCC, and FDIC. With third-party arrangements introducing various risks, clear risk management practices are essential. Fintechs can no longer rely on sponsor banks to absorb all risks for growth, especially given the evolving market challenges and dynamics. #Fintech #RiskManagement #RegulatoryCompliance https://lnkd.in/gBsymbmM

“The result of elevated scrutiny is greater clarity—helping tech companies and banks operate with more confidence.” - Itai Damti, CEO 💡 Learn more about the current regulatory environment and how Unit is evolving in this new article from Banking Dive. https://lnkd.in/ewcCVHT8

The Federal Reserve, FDIC, and OCC have issued joint guidance emphasizing the need for responsible innovation. 🏦 This guidance signals increased scrutiny of bank-fintech arrangements. Financial institutions should review their partnerships and risk management practices. Read the full article to learn more about the regulators' stance and implications for the industry, insight.ask.degree #Banking #Fintech #Regulation #RiskManagement

A year on, it is imperative for banks and their supervisors to fully comprehend the plethora of risks that they may face. says Christopher Woolard CBE https://lnkd.in/erfhNCCW #assetmanagers hashtag #fundowners hashtag #responsibleinvesting hashtag #ROI hashtag #fiduciaryfinancialadvisor hashtag #stewardship hashtag #RAOEurope24

Recently I had 2 poor experiences with both my consumer (personal) and my business bank - different banks, different services, but both demonstrated an inability to follow procedure, and provide adequate customer service. Give this experience, it was no surprise to see this article highlight that a number of financial institutions are operating with weak or insufficient management of risks. There's no need for banking services to be a source of frustration - a healthy dose of #riskmanagement and #customerexperience will enable banks to improve their services. Read the article here: https://lnkd.in/dWDkCVbN

"If you pick the right vendor, you already have [the] pieces in place." In this recent BankBeat article, Pidgin's founder and CEO, Abhishek Veeraghanta, shares his insights on the importance of banks selecting the right vendor to implement #fasterpayments and reduce #fraud and #risk. #pidgin #FedNow #instantpayments https://lnkd.in/e2DRpD8Z