Regulatory Compliance Updates for Banks & Credit Unions – September 2021 Recap

This article contains two noteworthy regulatory and compliance updates for banks and credit unions in September 2021. Continue reading for details on these changes and how they affect you and your institution.

July Regulatory Compliance Updates for Banks and Credit Unions

Federal Reserve Publishes Resource Paper for Community Banks Looking for a Fintech Partnership

The Federal Reserve Board has published a paper that serves as a resource for community banks that may be looking to embark on a fintech partnership. This paper “provides an overview of the evolving landscape of community bank partnerships with fintech, including benefits and risks of different partnership types, and key considerations in engaging in such partnerships.”

Why Is This Important to Me?

Successful fintech partnerships allow community banks to better serve their customers and become more innovative, which allows for not only the retention of current customers but also generate more customers through this innovation.

Comment Period on Proposed Risk Management Guidance Extended

Federal Reserve has announced that they will extend the comment period on proposed guidance intended to assist financial institutions to manage third-party relationship risk to October 18, 2021.

Why Is This Important to Me?

Share this with colleagues who are involved with third-party vendor relationships or those who may be involved in partnerships with financial technology companies.

Rachel Davis - Product Manager at OCL

About the Author

Rachel Davis

Product Manager at OnCourse Learning

Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.

Rachel Davis - Product Manager at OCL

About the Author

Rachel Davis

Product Manager at OnCourse Learning

Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.

By |2021-09-14T12:19:24-06:00September 14th, 2021|Bank, Credit Union, Financial Services|Comments Off on Regulatory Compliance Updates for Banks & Credit Unions – September 2021 Recap