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As reported by Bloomberg and summarized by Fintech Brainfood, the FDIC is actively collaborating with banking and fintech industry groups on creating an independent standard-setting body for fintechs and other third parties that partner with banks. The proposed framework would establish voluntary standards that certify fintech firms against baseline risk-management requirements. Notably, the standards would not provide a regulatory safe harbor for participating banks or fintechs. This initiative represents a significant policy development for the BaaS ecosystem, as it could shape how sponsor banks evaluate and onboard fintech partners. The effort signals the FDIC's intent to bring more structure and consistency to bank-fintech relationships without imposing binding regulation at this stage.

Verified from source: The FDIC is working with ABA, ICBA, Bank Policy Institute, FTA, American Fintech Council, and CFES on an independent standard-setting body for fintechs and third parties that partner with banks. It would set baseline risk management standards and certify firms against them, with voluntary standards and no safe harbor, and the FDIC is expected to provide seed funding.