Search Results for "ALAT"
4 results for "ALAT"
Deals 4
US Regulators Intensify Scrutiny of Bank-Fintech Partnerships in October 2024
In October 2024, the OCC, FDIC, and Federal Reserve received multiple comment letters on bank-fintech partnership risks. Submissions addressed supervision gaps, deposit-taking risks, and examination authority over fintechs. Fed Governor Bowman called for uniform regulations across banks, credit unions, and fintechs. FDIC consent orders requiring banks to offboard fintech partners signaled escalating enforcement.
OCC Issues Cease and Desist Order Against Blue Ridge Bank
The OCC issued a Cease and Desist Order against Blue Ridge Bank, N.A. for BSA/AML violations, capital deficiencies, and unsafe practices related to its fintech partnerships. The order superseded a prior agreement and classified the bank as in 'troubled condition,' restricting it from onboarding new fintech partners without OCC approval. This is a significant escalation in regulatory scrutiny of BaaS sponsor banks.
OCC Intensifies Scrutiny of BaaS Banks Including Blue Ridge Bank
The OCC took enforcement action against Blue Ridge Bank (a Unit partner) for inadequate oversight of its fintech partnerships, signaling heightened regulatory focus on BaaS arrangements. The action highlighted risks when banks rely on middleware platforms to manage fintech relationships. This marked a significant escalation in regulatory pressure on the BaaS model, affecting platforms like Synctera, Unit, Treasury Prime, and others.
Nigerian Fintech TeamApt Raises $5.5M to Scale White-Label Banking Products
TeamApt raised a $5.5 million Series A round led by Quantum Capital Partners to expand its white-label digital finance products for banks. The company provides solutions like Moneytor and Monnify to major Nigerian banks including Zenith, UBA, ALAT, and Sterling Bank. The funding will also support a consumer-facing app launch and international expansion into Europe and Canada.