Last year, the Fed, along with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, proposed interagency guidance to assist in the management of risks involved in third-party engagement. The agencies received over 80 comment letters and are reviewing those comments as we move toward finalizing the guidance.
In my view, it is especially helpful to provide clarity for banks in these kinds of relationships and to help them establish a solid 1/4  BIS central bankers' speeches  foundation as banks and fintechs continue to engage in partnerships.