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The FDIC was reported to be advancing plans to create an industry-backed fintech certification body, described as a standards and certification framework rather than an enforcement action. The initiative aims to establish baseline compliance and operational standards for fintech companies that partner with FDIC-supervised banks. While not a traditional enforcement action, this represents significant regulatory guidance that could reshape how BaaS and bank-fintech partnerships are structured and governed. The framework could serve as a precursor to more formal supervisory expectations for fintech partners of insured depository institutions.

Verified from source: The FDIC is advancing plans to create a new independent body that would establish common standards and certify fintech companies and other technology vendors that serve banks, based on a draft term sheet. The proposed organization would define baseline risk management criteria for screening and onboarding third-party service providers.