Acting Comptroller Michael Hsu discussed the challenges that community banks face when contracting with core providers, likening the banks to “hostages.” The Fed, FDIC, and OCC issued new joint guidance on third-party risk management for community banks (especially pertinent for those banks working with fintech partners!). Federal prosecutors are looking into alleged compliance lapses at Square and Cash App. Binance founder Changpeng Zhao (“CZ”) was sentenced to four months in prison for his company’s AML, money transmission, and sanctions violations. And Ron Shevlin wrote his latest piece on what it takes for community banks to survive and grow.
Thanks for including Baselayer!