The recent enforcement action taken by the Federal Deposit Insurance Corporation (FDIC) against Thread Bancorp highlights the heightened regulatory scrutiny smaller banks face, particularly concerning their relationships with FinTech firms. This examination underscores the operational, compliance,
The collapse of fintech upstart Synapse has sent ripples through the banking world, highlighting significant issues in the partnerships between fintech firms and traditional Financial Deposit Insurance Corporation-backed lenders. This article delves into the details of Synapse's downfall and its
The Consumer Financial Protection Bureau (CFPB) recently extended the compliance deadlines for its small-business data collection rule, providing lenders with crucial additional time to adapt their systems and procedures. Announced in the wake of substantial legal and political challenges, this
In an age where digital identity theft and financial fraud are on the rise, one of the most alarming scenarios involves discovering an unauthorized bank account opened in your name. This form of identity theft can lead to severe financial and reputational damage if not addressed promptly. The
How Does the Treasury Prime-FS Vector Partnership Enhance Compliance? The expansion of the Treasury Prime Partner Marketplace to include FS Vector’s compliance training platform Headmaster is a significant development in the financial services sector. This collaboration underscores the growing need
As the financial sector becomes increasingly infatuated with the prospects of artificial intelligence (AI), the acting head of the Office of the Comptroller of the Currency (OCC), Michael Hsu, voices a stark warning. He compares AI with earlier technologies like derivatives and
