This blog post will briefly explore operational, strategic, and regulatory considerations related to the use of financial technologies by financial institutions in the COVID-19 era.

We specifically view these considerations through the lens of two nearly contemporaneous events from earlier today:

1. Our law firm’s publication of a Client Update, authored by Youssef Sneifer, regarding the movement of the financial services industry from digital transformation to digital optimization and acceleration, as a result of changes brought about by the COVID-19 pandemic; and
2. The issuance of COVID-19 supervisory guidance from federal and state regulatory agencies to financial institution examiners regarding, in pertinent part, the manner in which the use and deployment of technology should impact a financial institution’s supervisory rating.

Continue Reading The Impact of COVID-19 on the Use of FinTech by Financial Institutions