Regulators Extend Comment Deadline for RFI on Bank-Fintech Arrangements

The Federal Reserve, FDIC and OCC extended the comment period on their Request for Information on bank-fintech arrangements. Comments are now due on or before October 30, 2024.

The regulators seek data on banking products and services distributed to consumers and businesses. As previously covered, the agencies requested the information because of concerns raised about risks to banks that are associated with the delivery of bank deposit products and services through third party service providers.

The regulators also requested information on how banks and their fintech partners determine whether a customer is a customer of the bank, the fintech provider or both and asked for information on practices to manage risks associated with bank-fintech arrangements.