FDIC Floats Standard-Setting Body for Banks’ Fintech Partners

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The Federal Deposit Insurance Corp. is working with banking and financial technology trade associations to establish an independent standard-setting body that would help certify whether bank service providers meet federal regulatory guidelines.<br>The new organization would set baseline standards that would make it easier for banks to evaluate whether fintechs and other third-party service providers meet risk management standards and to onboard those firms to internal bank systems, according to a July 21 draft term sheet obtained exclusively by Bloomberg Law.<br>The standard-development organization would also certify that third-party firms meet those standards, though independent assessors would conduct their own ...

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