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FINANCIAL INSTITUTION LETTER | JULY 25, 2024 |
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Agencies Issue Statement on Bank Arrangements with Third Parties to Deliver Deposit Products and Issue Request for Information Seeking Input on Bank-Fintech Arrangements
SUMMARY:
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) issued a joint statement to outline potential risks related to arrangements between banks and third parties to deliver bank products and services and examples of risk management practices to manage potential such risks. The joint statement does not establish new expectations.
The agencies also published a request for information (RFI) in the Federal Register that seeks information and comment on bank-financial technology (or “fintech”) arrangements, including associated risk management practices and implications.
STATEMENT OF APPLICABILITY:
The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.
DISTRIBUTION:
FDIC-Supervised Financial Institutions
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