Fintech Regulatory Update: Bank Service Company Act, AML, Cyber Incident Reporting
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will examine the regulatory framework that banks and fintech companies must contend with when banks outsource critical banking services to fintech. The panel discussion will include the Bank Service Company Act (BSCA), AML compliance, new proposed regulations regarding disclosure of cybersecurity incidents, and other issues.
- The increasing role of fintechs in providing banking services
- Bank reporting obligations when outsourcing banking services
- Fintech compliance and reporting obligations under the BSCA
- Other regulations applicable to fintech companies
The panel will review these and other critical issues:
- What kinds of banking services are being provided by fintechs, and why are they of particular concern to regulators?
- What are the reporting obligations of a regulated bank under the BSCA? Do fintechs receive notice?
- Per recent guidance, what are best practices for banks conducting due diligence on prospective fintech providers?
- What are reporting obligations in the event of a cyber incident affecting a fintech providing services for the bank? Who is obligated to report an incident?
Khalil N. Maalouf
Skadden Arps Slate Meagher & Flom
Mr. Maalouf is active in the areas of banking regulation, supervision and enforcement, and has represented clients on... | Read More
Mr. Maalouf is active in the areas of banking regulation, supervision and enforcement, and has represented clients on complex cross-border enforcement matters, including the resolution of high-stakes administrative, civil and criminal proceedings involving federal, state and foreign regulatory agencies and prosecutors. He has assisted boards of directors and management in conducting sensitive internal investigations and has extensive experience representing clients in crisis management situations. Mr. Maalouf has represented all types of companies in the financial services ecosystem on matters relating to strategic planning, mergers and acquisitions, bank formations, private equity investments, fintech, regulatory capital, FDIC receivership, activity restrictions, corporate governance and other traditional and novel federal and state regulatory issues. Mr. Maalouf also is a regular speaker at conferences and has written a number of articles on the above topics.Close
Morgan, Lewis & Bockius
Ms. Nunn is Co-Leader of the firm’s Banking Industry Team. Her practice focuses on complex civil litigation,... | Read More
Ms. Nunn is Co-Leader of the firm’s Banking Industry Team. Her practice focuses on complex civil litigation, enforcement litigation, white collar defense, transactional due diligence, creation and review of corporate compliance programs, and investigations. Ms. Nunn also counsels on novel issues connected to new communication technologies, blockchain, cryptocurrencies, payments, artificial intelligence, and big data. She has handled high-stakes cases on behalf of a wide range of clients, including banks, financial services firms, fintech companies, pharmaceutical companies, technology companies, and private equity firms in connection with civil trials and hearings, regulatory investigations and enforcement proceedings, state licensing, product development, regulatory compliance, examination, transactional matters, False Claims Act investigations, antitrust disputes and consumer protection lawsuits.Close