Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms (fintechs) to deliver bank deposit products and services to customers.

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Treasury Department’s Office of the Comptroller of the Currency issued a joint statement Thursday on fintech-bank partnerships, which also provided financial institutions with best practices to manage risks.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...