The regtech journey requires careful evaluation of perhaps hundreds of startups.
The federal banking agencies today released a guide to help community banks asses risks when considering partnerships with fintech companies.
For many compliance professionals, manual processes are not adequate to stay current.
A dedicated function with new tools, training and skills is necessary for effective oversight.
As part of an organizational restructure, the Conference of State Bank Supervisors today announced its executive leadership team.
In remarks at an industry event today, Federal Reserve Vice Chairman for Supervision Randal Quarles discussed possible ways to improve the supervisory ratings system that regulators use to assess banks’ strength in various risk areas to make them “more consistent and more predictable.”
In response to feedback from banks and fintech providers, the Federal Reserve, working with other financial regulatory agencies, is developing a fintech vendor due diligence guide for community banks, that would provide specific information about the documents and information they need to successfully complete their due diligence obligations, Federal Reserve Governor Michelle Bowman said in a speech today.
The siloed and slow, often manual, processes of the past are giving way to new efficiencies of automation and cloud-based solutions.
Emerging technology will enable banks to test complicated transactions and locate problems in areas that are time-consuming to monitor manually.