Co-developing products with a fintech
03/31/2024
What if our bank is considering co-developing a digital product with a fintech that we have worked with in the past? Is this relationship managed in the same way as other fintechs?
Maureen E. Carollo is Chief Compliance & Chief Risk Officer, SVP, for Old Glory Bank, based in Oklahoma City, OK., and has over 35 years of experience in the deposit operations, loan administration, compliance management, internal audit and BSA/AML management areas and holds the Certified Regulatory Compliance Manager (CRCM) designation and the Certified Anti-Money Laundering Specialist (CAMS) certification. She is a graduate of the Southwestern Graduate School of Banking at SMU in Dallas, Texas, and graduated with recognition for leadership. She serves on the “ABA Bank Compliance” magazine Editorial Advisory Board, where she has had multiple articles and columns published. She has also received an APEX Award for “Excellence in Publishing.” She has been a regular speaker for the ABA Regulatory Compliance Conference, where she serves on the Advisory Board and was awarded the 2021 “Distinguished Service Award” for Compliance. She has also spoken at events for Marquis Centrax, CbanC and Bankers Online. She is also active in the Oklahoma Bankers Association, where she has been past Chairman of the Compliance School Board of Regents and has served on the Board for over 20 years. She is also a frequent speaker for the OBA’s Compliance School and past speaker for their Operations School, Consumer Lending School, and Intermediate Banking School.
03/31/2024
What if our bank is considering co-developing a digital product with a fintech that we have worked with in the past? Is this relationship managed in the same way as other fintechs?
03/31/2024
I just inherited the function of managing the vendor due diligence in my bank and I am little overwhelmed. Where do I start?
03/24/2024
Does our current system of vendor due diligence risk ratings need to be more detailed or are we good to just have a 3-tiered risk rating category like High, Medium and Low?
03/17/2024
Do we really need to conduct due diligence on all of our 3rd party vendors, including fintechs? I can understand the ones that appear to be riskier, but there are some that are very well-known in the industry and are very well respected. Wouldn’t the regulators just see the same thing in our file as they did the last bank they just left?
03/17/2024
How do you deal with a vendor point of contact who is not providing you with the documentation that you are requesting?
03/10/2024
When we do engage new vendor, especially fintechs for new digital banking products (like BNPL or Buy Now Pay Later), what type of access to records should we expect to have to be able to monitor for compliance?
03/03/2024
I thought that the CFPB came out and said that banks could no longer engage in MSAs because of a large enforcement action?
02/25/2024
Is it a problem if the mortgage brokers that we use invite some of our lenders to parties to celebrate milestones like year-end celebrations where loan closing goals were met?
02/18/2024
Would it be considered an issue if we “favor” the loan applications that are sent to us from one real estate agency over another if they just send us more of them?
02/11/2024
Is it okay for us to share subscription services that the bank has access to with our mortgage service providers?