Treasury Recommends Bank Regulators Finalize Bank-Fintech Relationship Guidance

American Banker, Nov. 16, 2022–Claire Williams (subscription)
The Treasury Department in a new report on financial technology urged bank regulators to finalize guidance relating to how banks manage their third party risk with fintechs. The nonbank financial firms could increase competition in the sector, if they’re overseen correctly, the report said, but the lack of regulations compared to insured depository institutions “raises various public policy considerations.”
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