Fintech Nexus Newsletter (January 29, 2024): Blue Ridge Bank Is In "troubled Condition" According To The OCC

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Bilo je samo Četrtek of last week when our lead story was about the challenges banks were facing in the Banking-as-a-Service space.

Then Friday we learned that Blue Ridge Bank was hit with its second regulatory action in less than 18 months and is now deemed to be in a “troubled condition”.

Kudos to our unofficial fintech regulatory watchdog, Jason Mikula, for breaking ta zgodba. American Banker also picked it up v petek.

Blue Ridge Bank is a $3.3 billion-asset bank based in Virginia and was an early mover in the BaaS space. The consent order came out of the OCC’s June exam and Blue Ridge claims to have made significant progress since then.

The banks needs to ramp up its AML controls, capital position and third party management.

It is interesting that industry expert Jonah Crane said “every bank with a large BaaS program will see some type of regulatory action over the next year.”

For the fintech companies that rely on these banks for banking services, this is bad news. Building redundancy into your banking partnerships is now essential.

Predstavljeni

OCC says Blue Ridge in ‘troubled condition’ over BaaS

Avtor: Catherine Leffert

The Virginia bank is one of three that have been publicly admonished by regulators this week due to problems related to their banking-as-a-service programs.

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As B2B payment technology catches up to other areas of fintech, TreviPay CEO Brandon Spear said exciting trends are emerging. In late 2023, TreviPay released the B2B Buyers Payments Preference Study. It updates similar research conducted in 2019.

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Podcast: Building modern digital lending across Capital One, Barclaycard, Funding Circle, and TRIVER, with TRIVER CEO Jerome Le Luel

Pozdravljeni Fintech arhitekti, dobrodošli nazaj v naši seriji podcastov! Za tiste, ki se želite naročiti v aplikaciji po vaši izbiri, lahko ...

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Peter Renton je predsednik in soustanovitelj podjetja Fintech Nexus, največjega svetovnega podjetja za digitalne medije, osredotočenega na fintech. Peter piše o fintechu od leta 2010 in je avtor in ustvarjalec knjige Fintech podcast ena na ena, prva in najdlje trajajoča serija intervjujev na področju finančne tehnologije.

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