Regulatory Alerts2024-07-25 | FIL-45-2024Agencies Issue Statement on Bank Arrangements with Third Parties to Deliver Deposit Products and Request for Information on Bank-Fintech Arrangements
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued a joint statement outlining potential risks and risk management practices for bank arrangements with third parties delivering deposit products, while clarifying that existing regulatory expectations remain unchanged. Concurrently, the agencies published a 60-day request for information in the Federal Register to gather public comments on bank-fintech arrangements, focusing on their nature, associated risk management practices, and implications for payments and lending. Banking organizations retain full responsibility for compliance with applicable laws when utilizing third parties, and the guidance explicitly permits them to serve any customer class without restriction.