Product Registrations (CFPB, SEC), Licensing (MSB, State Money Transmitter), Cryptoassets, Data Privacy, Trade Secrets + Innovation patents; Open Banking, API.
Fintech special charters:
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are exploring granting federal bank-like licenses to tech-driven firms that offer financial services, such as money transfers and lending.
Bankers Comply can help your firm navigate the dynamic regulatory landscape of licensure, charters, and registrations and effectively liaise with the CFPB, CFTC, SEC.
Community Bank partnerships:
As a greater number of fintech companies establish market share, community banks are quickly tapping fintech servicers through the use of APIs or referral programs. In a 2018 survey of the American Bankers Association member banks’ outlook on fintech integration, more than 50 percent of the 193 respondents expressed interest in exploring referral model relationships in all aspects of commercial and personal loans, including mortgage lending, small business lending and consumer lending. (Provided by American Bankers Association, Feb. 2019)
Bankers Comply regulatory and compliance expertise can allow you to offer equal degree of success in loan origination and servicing as larger financial institutions
Vendor Management:
The CFPB has re-emphasized its direct oversight of service providers and as the new proposed OCC fintech charter demonstrate, there’s increased obligations for you to have an established framework for third party risk management.
Bankers Comply can help your firm:
- Develop a vendor management policy, program and procedures
- Identify your critical and high-risk vendors
- Mitigate vendor risk through performing due diligence, additional contract provisions and increased monitoring
- Implement a vendor ongoing monitoring program
