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New Innovation, New Supervision: Unpacking the Fed's Novel Activities Supervision Program

New Innovation, New Supervision: Unpacking the Fed's Novel Activities Supervision Program

On August 8, 2023, the Fed announced its new Novel Activities Supervision Program. Bank-fintech relationships were targeted as a key area of increased supervisory focus. We recently hosted a webinar featuring leaders from Grasshopper Bank, Midland States Bank, and Coastal Community Bank, who broke down the Fed’s announcement and

Bank-Fintech Relationships: Key Regulatory Developments

Bank-Fintech Relationships: Key Regulatory Developments

Bank-fintech relationships and the Banking-as-a-Service (BaaS) landscape have become major regulatory focuses in the last two years and it's essential to follow the latest compliance developments. We’re tracking and updating this page for key regulatory guidance, events, and discussions on bank-fintech oversight expectations. Subscribe to our newsletter and follow

Deutsche Bank $186M fine stresses need for control effectiveness

Deutsche Bank $186M fine stresses need for control effectiveness

The US Federal Reserve Board fined Deutsche Bank $186 million for "insufficient remedial progress" under earlier 2015 and 2017 consent orders for AML and sanctions control deficiencies, as well as deficient AML internal controls and governance processes for its prior relationship with Danske Bank. In total, the bank has faced

Make It or Break It: Six Key Developments in BaaS & How To Leverage Tech To Respond

Make It or Break It: Six Key Developments in BaaS & How To Leverage Tech To Respond

Cable co-founder and Chief Product Officer, Katie Savitz, delivered a Masterclass at the 2023 Empire Fintech Conference about Banking-as-a-Service, compliance, and the latest technology solutions, with Jason Mikula of Fintech Business Weekly. This post summarizes the topics covered in the Masterclass, and you can download the presentation below or listen

How to avoid compliance pitfalls in bank-fintech relationships

How to avoid compliance pitfalls in bank-fintech relationships

A recent survey found that 40% of all bank partnerships fail, despite the rapid growth and increased focus on bank-fintech partnership strategies. In fact, the survey results showed that the vast majority of banks struggle significantly with managing their fintech relationships: 78% of banks have difficulty establishing internal partnership governance

Financial Crime Predictions for 2023

Financial Crime Predictions for 2023

What will the financial crime landscape look like in 2023? We spoke with industry experts at Alloy, Alloy Labs, Fintech Business Weekly, Griffin, and Treasury Prime to learn what next year holds in store. With the rapid pace of regulatory change, compliance teams need to be ready for what is

OCC Penalties Will Focus More on Identifying and Fixing Issues

OCC Penalties Will Focus More on Identifying and Fixing Issues

The OCC recently released revisions to its Civil Money Penalties (CMP) manual, effective January 1, 2023. The CMP manual guides how the regulator considers aggravating and mitigating factors when assessing potential fines. The key takeaways from these changes are that the OCC will: 1. Place significantly more weight on 2