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

June 23, 2020

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:

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

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.

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