BNPL firms expanding reach through partnerships

OCC: Banks must get approval for crypto plans | Analysts: UBS' new digital wealth-management focus is wise | Banks prepare for longer period of inflation Created for {EMAIL} | [Web Version]( December 1, 2021 [SIGN UP]( ⋅ [SHARE]( [] Risk Management and Insurance [] [OCC: Banks must get approval for crypto plans]( Banks that wish to offer custody and other services related to cryptoassets must first get the approval of their Office of the Comptroller of the Currency supervisory office, wrote OCC chief counsel Benjamin W. McDonough in an interpretive letter. "This letter clarifies that the activities addressed in those interpretive letters are legally permissible for a bank to engage in, provided the bank can demonstrate, to the satisfaction of its supervisory office, that it has controls in place to conduct the activity in a safe and sound manner," McDonough wrote. Full Story: [American Banker]( (11/23) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [Analysts: UBS' new digital wealth-management focus is wise]( The decision by UBS to develop its own digital wealth-management offering instead of acquiring an existing business should prove more cost effective, analysts say. "We believe UBS' focus on digital wealth management is spot on...UBS' franchise strength and good historical performance will also give comfort to clients who are going digital," says Firdaus Ibrahim of CFRA Research. Full Story: [Financial Advisor IQ]( (11/24) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Banks prepare for longer period of inflation]( Reuters (11/23) [] - [Banks brace for baby boomer retirement wave]( American Banker (11/29) [] Cybersecurity [] [Remote endpoints delay critical patches]( The rise of remote working has made it more challenging to administer patches to security vulnerabilities in a timely manner, a fact not lost on hackers. An Action1 survey of IT professionals finds that many organizations have holes in their patching protocols. Full Story: [TechRepublic]( (11/29) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Collaboration between IT, business units a challenge]( CIO (free registration) (11/29) [] Government Regulation [] [Fed minutes show opinions differed on pace of tapering]( Minutes released from the Federal Open Market Committee meeting on Nov. 2-3 show Fed officials engaged in debate over the pace of tapering asset purchases and introducing a subsequent rate rise. While some Fed officials called for prompt action, others advocated a more patient approach as supply-chain issues and other repercussions from the coronavirus pandemic remain unresolved. Full Story: [The Hill]( (11/24), [Barron's (tiered subscription model)]( (11/24), [The New York Times]( (11/24), [CNBC]( (11/24) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [Several Senate Dems reportedly won't support Omarova]( As many as five Democratic senators have said they will not support Saule Omarova's nomination to be Comptroller of the Currency, sources say. The opposition effectively ruins Omarova's chance of confirmation. Full Story: [The Wall Street Journal]( (11/26) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] Innovation [] [BNPL firms expanding reach through partnerships]( Buy now, pay later companies, such as Klarna, Affirm and Sezzle, have announced key partnerships with retailers and financial institutions to further expand their offerings. "You can almost think of the new crop of installment lenders as carrying picks and shovels into the gold rush of BNPL, opening up opportunities for new players to become lenders primarily through partnerships," said FTV Capital's Adam Hallquist. Full Story: [American Banker]( (11/24) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [] Anything you do, let it come from you. Then it will be new. Stephen Sondheim, composer, lyricist 1930-2021 [LinkedIn]( [Twitter]( [Facebook]( [Email]( LEARN MORE ABOUT Aon Financial Institutions: [Aon Home Page]( | [Aon Financial Institutions]( [Thought Leadership]( | [Media Room]( About Aon Financial Institutions The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. 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