Webinar: Open Banking, Banking as a Service & Lessons from Recent Enforcement Actions
March 24, 2025 3:00 pm - 4:30 pm
The popularity of open banking and Banking as a Service (BaaS) has grown – but so has examiner focus.
This timely program will review the recent final rule issued by the CFPB regarding open banking. It will also address BaaS enforcement actions and regulatory guidance. Join us to get the scoop on how your financial institution can ensure compliance in both arenas.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Understand “open banking”, what it means, how it works, and how financial institutions are using it
- Explain the recent CFPB final open banking rule issued in October 2024
- Identify the list of requirements and controls your institution should implement regarding its BaaS program
- Comply with regulatory requirements for collecting accountholder information, even when partnering with a third-party technology service provider
WEBINAR DETAILS
In recent years, there has been increased focus on open banking, including recent regulatory requirements issued by the CFPB in October 2024. This webinar will address how open banking works and its advantages for your financial institution.
In addition, as the Banking as a Service (BaaS) model has grown, so has related regulatory scrutiny and enforcement actions. Smaller community financial institutions seem to be receiving the most scrutiny, leading to requirements for ceasing BaaS programs or in other extreme situations, the closure or sale of the financial institution. This program will explain where financial institutions have gone wrong and will review current regulatory guidance and takeaways from recent enforcement actions that your financial institution can use to avoid regulatory problems.
WHO SHOULD ATTEND?
This informative session is directed to senior management and leadership, as well as technology, vendor-management, and compliance staff.
TAKE-AWAY TOOLKIT
- Action checklist for BaaS programs
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: Shelli Clarkston, Spencer Fane LLP
Shelli Clarkston is an attorney with Spencer Fane LLP where she provides financial institutions with proactive legal counsel on regulatory and compliance matters. She received her law degrees from the University of Missouri – Kansas City and her undergraduate degree from the University of Nebraska – Lincoln. In addition, she has a master’s degree from Doane University.
Before joining Spencer Fane, Shelli was the Risk and Compliance Officer for a financial services technology platform with one of the world’s largest technology companies. She oversaw the platform’s regulatory compliance and handled all risk-related matters. She also has experience as general counsel for a community bank, where she managed all legal, regulatory, compliance, and corporate matters.