- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-07-01T15:44:00
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology (fintech) partnerships, offering best practices for how banks should protect themselves.
The relationship between banks and fintechs has always been problematic from a compliance perspective, particularly for community and regional banks worried about being left behind by technological advances.
Fintechs offer accessible, bank-like services that would take smaller banks months or years to develop on their own, while also offering their banking partners access to new customers who traditional banking models don’t reach.
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The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
The Office of the Comptroller of the Currency established its Office of Financial Technology to supervise the fintech industry as it grows at a “rapid pace.”
A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.
Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
This session from Compliance Week’s 2023 virtual Third-Party Risk Management & Oversight Summit features a discussion between Jessica Sanderson, founding member at Sanderson Law Firm, and Rodney Campbell, senior vice president, head of third-party risk management at Valley National Bank. The event was held Nov. 6-7, 2023.
