Input on bank-fintech arrangements involving banking products and services is now due a month later than originally scheduled, the federal banking agencies said late Friday.
In a series of releases, the agencies said responses to their request for information (RFI) they issued in July are now due Oct. 30. The previous deadline was Sept. 30, according to the agencies.
In July, the agencies released a joint statement that their supervisory experience “has identified a range of safety and soundness, compliance, and consumer-related concerns with the management of these arrangements.” But the regulators conceded that the deals can provide benefits.
They also then called for additional information “on a broad range of bank-fintech arrangements, including with respect to deposit, payments, and lending products and services.”
The agencies said then that they sought input on the “nature and implications of bank-fintech arrangements and effective risk management practices.”
Extending the comment period, the agencies said Friday, will allow the public more time to consider the request, prepare comments, and address the questions posed by the agencies.
Agencies Extend Comment Period on Request for Information on Bank-Fintech Arrangements