On January 24, 2024, the OCC issued a Consent Order to Blue Ridge Bank, finding that the bank failed to establish and maintain a reasonably designed BSA/AML Program. Deficiencies include systemic internal controls breakdowns, weak independent testing, and insufficient BSA staffing, stemming from risk management challenges related to third-party
Compliance News & Education
As we all know well by now, regulators are increasingly concerned about bank-fintech relationships. They have made it clear that banks are ultimately responsible for risk-managing all third-party partners, including fintech programs. But in this new world, where business models are novel and bank-fintech relationships are still maturing, what is
In the rapidly changing financial landscape, the intersection of banks and fintechs, especially in Banking-as-a-Service (BaaS), faces growing regulatory scrutiny. This blog delivers insights on the latest compliance trends and oversight for bank-fintech collaborations.
It feels like with every week that goes by, there is another regulatory action, Matter Requiring Attention, fine or rumor swirling around the Embedded Banking space. The clear message? Compliance is effectiveness, and if you are ineffective, you’ll be punished. Another week, another news story It is no longer
We’re thrilled to announce the launch of Cable's Financial Crime Risk Assessment Subscription—Building on our game-changing solution empowering compliance leaders to grow and protect their businesses. Financial crime risk assessments are critical to regulatory compliance and business growth decisions—But the vast majority of firms still
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 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