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Sep 6, 2024 | 
jdsupra.com | Andrew Caplan |Brian Montgomery |Gabby Torres
On July 25, 2024, the Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) issued a joint statement describing potential risks related to banks’ deposit arrangements with fintechs and other third parties. The agencies also published a joint request for information (RFI) seeking input on the risk management practices employed in a wider variety of arrangements between banks and fintechs.
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Aug 2, 2024 | 
msn.com | Brian Montgomery
Continue reading More for You Continue reading More for You
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Aug 2, 2024 | 
thehill.com | Brian Montgomery
During the early proceedings of the Republican National Convention, the immense video screens flanking the stage flashed the iconic shot of construction workers framing a new home. It’s an image that carries with it a number of positive emotions — family, community, good jobs and the pursuit of the American dream. It suggested, for a brief moment, that housing might even become a prominent theme during the gathering.
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Jul 4, 2024 | 
finextra.com | Brian Montgomery |Satinder Lala |Raktim Singh |Anup Chandrashekar
Twenty-five years in the financial market – is it a lot or a little? It depends. For classic investment banks with a hundred-year history, this is not a term. For fintech startups, neobanks that draw strength and motivation from a rapidly changing reality,
this is an eternity. Nevertheless, for both the former and the latter, the next 25 years will be decisive.
Why exactly twenty-five years? During this time, a generational change occurs.
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Jul 1, 2024 | 
finextra.com | Tejasvi Addagada |Brian Montgomery |Marcus Martinez |Raktim Singh
, and with more choice than
ever, particularly when it comes to financial services, wealth management and digital asset management, the amount of choice can be confusing.
For potential clients, it can be tempting to pick whatever’s easiest rather than struggle to find the best product amongst many, hence why so many people use retail investing apps, which already had
, rather than building a relationship with a wealth manager.
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Jul 1, 2024 | 
finextra.com | Brian Montgomery |Satinder Lala |Raktim Singh
In the dynamic realm of banking, innovation has been the cornerstone of evolution and customer satisfaction. From the pioneering days of ATMs to the digital revolution brought forth by internet and mobile banking, financial institutions have always been
at the forefront of embracing technological advancements.
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Jun 30, 2024 | 
finextra.com | Brian Montgomery |Satinder Lala |Raktim Singh
Machine learning is emerging to become a key evolutionary force within the fintech landscape, and will form the cornerstone of the industry’s transition into an open finance ecosystem.
According to McKinsey data, artificial intelligence (AI) can generate up to
$1 trillion in additional value for the global banking industry annually, and machine learning (ML) structures will become a core component of this global trend.
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Dec 19, 2023 | 
housingwire.com | Brian Montgomery
High-profile government actions against some of the nation’s largest financial firms for alleged violations of fair lending laws and loan servicing principles have sent a sobering message to industry CEOs and their boards: the buck stops at the top. We have entered a new regulatory era, one filled with expectations that a firm’s compliance with the letter and spirit of the law has the full attention of the C-suite and boardroom — not relegated to back-office compliance department functions.
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Aug 8, 2023 | 
mondaq.com | Brian Montgomery
TAKEAWAYS
On February 1, 2023, New York's Department of Financial
Services promulgated a final rule that requires consumer-style
disclosures for commercial financing transactions. The requirements
went into effect August 1, 2023.
New York's regulations follow similar regulations issued by
California, which will collectively cover a significant segment of
the commercial financing market.
Utah and Virginia enacted similar requirements last year, and
other states will likely follow.
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Jun 22, 2023 | 
mondaq.com | Brian Montgomery
The Federal Deposit Insurance Corporation (FDIC) recently
published a consent order issued against Cross River Bank that
alleged the bank's fair lending program's noncompliance and
weaknesses in its oversight of fintech lending partners.
The Office of the Comptroller of the Currency (OCC) entered a
similar consent order against Blue Ridge Bank in 2022 based on
allegations that the bank engaged in unsafe and unsound practices
related to its partnerships with fintechs.
