Fintech regulations

The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.

Despite some criticisms of the strategy, community banks should continue to pair up with fintech companies that can help them expand their digital offerings.

The payments processor has pulled its submission to the FDIC to become a depository bank but says it plans to make a second attempt soon.

Some community banks are partnering with fintech accelerators or creating their own to get on the cutting edge and get a leg up on their competitors.

A senior Treasury department official said it's an "adapt or die" situation for regulators and financial firms in the midst of a growing fintech space.