FDIC Issues Guide for Fintechs and Third Parties

The FDIC’s technology lab, FDiTech, published a new guide to help fintechs and third parties partner and conduct business with banks.

The Conducting Business with Banks: A Guide for Third Parties (the Guide) describes: (i) how banks decide which third parties to use; (ii) what fintechs or third parties should do if they want to provide a service to, or partner with, a bank; and (iii) items bank management may request from a third party.  The Guide provides brief descriptions on how bank management conducts due diligence and ongoing monitoring on third parties. 

The Guide clarifies that it is provided for informational purposes and does not impose requirements or supervisory guidance.  According to the FDIC, the Guide is the first in a series of new resources.  The Guide also includes a list of additional resources.