This article contains three 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.
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.
Federal Reserve Market Readiness Brief: Businesses Look to the Future with Faster Payments
The Federal Reserve’s FedPayments Improvement department reported on a survey of over 2000 businesses ranging in size from less than $1 million in annual revenue to more than $250 million. The primary objectives of the survey were to assess businesses ’ current payment practices and pain points and the readiness for integrating faster payments into their operations. The results find that many businesses are already using some form of faster payment, and most expect faster payment options within the next three years.
Why Is This Important to Me?
It is important to understand the pain points of your business clients, especially with regard to payment solutions.
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.
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.