The Regulatory Agencies have issued a joint statement to note potential risks related to arrangements between banks and third parties who deliver bank deposit products and services to end users. The statement also provides examples of risk management practices and governance considerations banks can use to manage the potential risks.

You can read the Joint Statement here.

If your bank has engaged with or will be engaging with third parties to deliver deposit products and services (such as checking and savings accounts) to end users, make sure you are aware of the risks identified in this joint statement. CCI is available for questions at inquiries@completecompli.com.