Testing the Strength of the FinTech-Bank Partnership Model

17 July 2018
View Debevoise Update
Key takeaways:
  • A new report by the New York Department of Financial Services (“DFS”) complicates an already uncertain landscape for FinTech-Bank partnerships operating in New York.
  • DFS appears poised to take a more aggressive approach concerning these partnerships, especially in the consumer lending space.
  • The report also signals a new front in the long-simmering struggle between DFS and the federal banking agencies to assert primacy over regulating FinTech innovations.