US regulators have decided to prolong the comment period on bank-FinTech relationships until October 30, 2024.
This extension grants stakeholders additional time to evaluate and formulate responses concerning the collaborative arrangements between banks and FinTech companies.
The federal bank regulatory agencies aim to gather more comprehensive insights on the dynamics and potential repercussions of these partnerships. They are particularly interested in understanding the effective risk management practices that can sustain these banking products and services. Originally, comments were required by September 30, 2024, but the extension underscores the regulators’ commitment to a thorough review process.
This decision reflects the complexities and evolving nature of bank-FinTech collaborations, which continue to reshape the financial landscape. The agencies encourage all interested parties to contribute their perspectives to better shape the regulatory framework that supports these innovations.
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