Jeff Kauflin is a senior editor who leads Forbes’ fintech coverage, covering everything from digital banking and investing to payments and insurtech. He co-edits Forbes’ annual Fintech 50 and also writes about crypto. Jeff joined Forbes in 2016 and works in New Jersey.
Former startup CEO Sima Gandhi, a lawyer and former Department of Treasury official, has organized the effort for voluntary guidelines.After selling her fintech startup Creative Juice in 2023, Sima Gandhi is trying to create a new compliance manual for fintechs., a San Francisco fintech startup that provided creators like YouTube Influencers with digital banking services and funding of up to $500,000.
The ordeal inspired her to start a membership organization called the Coalition for Financial Ecosystem Standards , where she’s now creating compliance guidelines for fintechs. She aims to help startups and their bank partners avoid the missteps of recent years, which have led to everything from the dramatic to a surge in regulatory enforcement actions against fintech sponsor banks. “Fintechs need to step it up and understand that regulatory requirements are real.
Now West sees CFES as a way to create a compliance manual for startups. “One of the challenges we all have today–in a world where there isn't a regulatory standard–is trying to define what excellence looks like,” he says. He thinks CFES’ guidelines will be “transparent for the bank, transparent for us, and hopefully for regulators. That enables us to serve our customers better, so we’re not spending time trying to define the standards.
But today, Rho CEO Everett Cook says startups need an in-house compliance leader much earlier. “Given the shift in the regulatory environment over the past five years, I'd recommend that any new fintech companies staff dedicated compliance pre-launch.” Gandhi declines to draw a clear line for when startups need to make this hire and says, “The key factor is that there is a plan, early on, even if that plan is not a full-time compliance officer.
Fintech Consent Orders Fintech Sponsor Bank Compliance CFES Fintech Compliance Rules Fintech Startups Compliance Compliance Guidelines Fintech Sponsor Bank Consent Orders Sponsor Bank Compliance
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