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Banks are concerned about the lack of clarity regarding legal liability in the Consumer Financial Protection Bureau's open banking rule, and fear that they will end up on the hook for data breaches or unauthorized transactions caused by a fintech or data provider.
August 23 -
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Nonbanks that rely on sponsor banks to underpin their financial services may assume that "going direct" is safer after the Synapse bankruptcy. But banking-as-a-service middleware has its merits.
August 16 -
Congress publicly excoriated the supervisors and CEOs of last year's trifecta of megabank failures. But, what about the directors who were supposedly overseeing those CEOs? The entire chain of bank oversight needs to be rethought from congressional hearing rooms to banking board rooms.
August 12Community Development Fund Advisors -
Lincoln Savings Bank and Vantage Bank are two new clients of banking-as-a-service provider Unit. They say it improves their ability to 'go direct' rather than hinder it.
August 7 -
Sen. Jack Reed, D-R.I., asked the Federal Reserve to require public reporting of synthetic risk transfers — also known as credit risk transfers, or CRTs — through bank call reports and systemic risk reports.
August 5 -
U.S. banks need to start taking sustainability risk seriously
August 1 -
Contingency planning always seems theoretical...until it isn't. Planning for the unexpected can prepare you to serve customers well in times of crisis.
July 29BankMechanics -
While the federal banking agencies are not changing any current rules, they issued a joint statement Thursday cautioning banks about risks in third-party deposit partnerships. They are also seeking public input on bank-fintech partnerships more generally.
July 25