ICBA told the OCC that as banks and fintechs increasingly collaborate, it is essential that regulators adopt policies that recognize the benefits of these partnerships and address emerging risks in a thoughtful, proportionate manner.
Details: In a letter to Acting Comptroller of the Currency Rodney Hood, ICBA said the OCC should:
Recognize the value of bank-fintech collaboration.
Modernize oversight.
Lay the foundation for shared standards and infrastructure.
Enable strategic investment in fintech.
ICBA Collaboration: A recent ICBA blog post details collaboration between community banks, fintechs, and regulators.
Advocacy: In a comment letter to the agencies on bank-fintech relationships last fall, ICBA said a standard-setting organization and certificate program would make it easier to get new technologies through a bank’s internal approval process.