(Reuters) -The Federal Deposit Insurance Corporation has started to more closely track financial technology companies that partner with banks across the U.S., Bloomberg News reported on Wednesday. An internal database will help FDIC examiners track third parties that work with banks, and anticipate potential vulnerabilities before they become a problem, the report added, citing people […]
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FDIC seeks to closely track fintech firms, Bloomberg News reports
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(Reuters) -The Federal Deposit Insurance Corporation has started to more closely track financial technology companies that partner with banks across the U.S., Bloomberg News reported on Wednesday.
An internal database will help FDIC examiners track third parties that work with banks, and anticipate potential vulnerabilities before they become a problem, the report added, citing people familiar with the regulator’s supervisory operations. The FDIC does not directly regulate fintech companies.
An FDIC spokesperson declined to comment on internal processes.
(Reporting by Disha Mishra in Bengaluru; Editing by Rashmi Aich and Jonathan Oatis)