Liberty Bank Joins The BaaS Association to Expand BaaS Strategy

Liberty Bank announced it had joined The BaaS Association on March 27, 2023, signaling its commitment to developing and scaling its Banking-as-a-Service strategy. The association serves as a collaborative body for BaaS sponsor banks, focusing on best practices, compliance standards, and education. Liberty Bank views the membership as a way to extend its services beyond traditional brick-and-mortar locations, reaching underbanked communities through fintech partnerships.

The BaaS Association represents over 80% of U.S. BaaS sponsor banks, making it a significant industry body. No financial details about the membership were disclosed.

The move reflects a broader trend of community and regional banks formalizing their BaaS ambitions through industry groups. Liberty Bank's participation is expected to help the bank navigate the evolving regulatory landscape surrounding sponsor bank-fintech relationships.