FDIC Issues Guidance on Bank-Fintech Partnerships

The FDIC has issued a Financial Institution Letter (FIL) offering guidance for its member banks with less than $1 billion in assets of the risk posed by using technology service providers; the letter focused on considerations in the event of a cessation of operations of the technology providers or a data breach; the FDIC cautioned that some financial institution contracts with technology service providers “do not adequately define rights and responsibilities regarding business continuity and incident response or provide sufficient detail to allow financial institutions to manage those processes and risks.” Source.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.