But that is exactly what this is about: breaking the sometimes too cosy relations between national supervisors and banks. That’s what we want to do. For that reason we will have multinational supervisory teams. Banks will be checked by the ECB and by experts from third countries. But around half of the teams will still be national. Do you expect unpleasant surprises?
This guide was drawn from existing guidance, and, while voluntary, it is intended to be a helpful resource for community banks when performing due diligence on prospective relationships with fintech companies.6 The third-party service provider landscape has continued to evolve and expand.