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An article from
Dive Brief


FIRST FED BANK HIT WITH FDIC CONSENT ORDER OVER FINTECH JOINT VENTURE

The order is the latest enforcement action to come down on a bank as regulators
continue to step up scrutiny of fintech partnerships.

Published Nov. 29, 2023
Anna Hrushka Senior Reporter
 * 
 * 
 * 
 * 
 * 


Anna Hrushka/Banking Dive


DIVE BRIEF:

 * First Northwest Bancorp’s subsidiary, First Fed Bank, has entered into a
   consent order with the Federal Deposit Insurance Corp. in connection with a
   fintech it developed through a joint venture, the Port Angeles,
   Washington-based bank disclosed in a Securities and Exchange Commission
   filing last week.
 * In connection with the bank’s relationship with Quin Ventures, the bank
   “engaged in unsafe or unsound banking practices [and] deceptive and unfair
   acts and practices in or affecting commerce,” the FDIC said in the order. 
 * The consent order is the latest fintech partnership-related enforcement
   action to come down on a bank as regulators continue to step up scrutiny of
   banks that work closely with fintech firms.

Access now➔

Trendline


THE GROWING USE OF AI IN BANKING

In the year since ChatGPT debuted, banks have raced to harness the technology,
coverage has arguably taken a more hopeful tone, and executive talk on AI has
become decidedly more plentiful.

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Trendline


THE GROWING USE OF AI IN BANKING

In the year since ChatGPT debuted, banks have raced to harness the technology,
coverage has arguably taken a more hopeful tone, and executive talk on AI has
become decidedly more plentiful.


DIVE INSIGHT:

First Fed Bank entered a joint venture with POM Peace of Mind, Inc. in 2021 to
found Quin Ventures, a firm the bank described in a press release as “a fintech
focused on financial wellness and lifestyle protection for consumers
nationwide.”

Through a marketing and banking services agreement, Quin promoted the services
offered through the digital financial wellness platform and First Fed Bank
provided banking services to the customers who utilized the platform, according
to a 2021 SEC filing.

Among the violations outlined in last week’s order, the FDIC claims First Fed
Bank violated Section 5 of the Federal Trade Commission Act by “making implied
claims that credit products with non-optional debt cancellation features were
unemployment insurance, approving consumers who did not qualify for the debt
cancellation feature, and misrepresenting the fees and benefits for those
products.”

First Fed Bank, without admitting or denying the FDIC’s allegations, has
consented to the order, the FDIC said. 

In addition to correcting all violations outlined in the order, the FDIC ordered
First Fed Bank’s board to participate fully in the oversight of the bank’s
compliance management system. 

The FDIC also ordered the firm to submit a list of all bank products and the
third party offering it to the FDIC regional director for review.

First Fed Bank is not allowed to enter into a binding commitment or agreement
with a new third party without first receiving the regional director’s written
non-objection, the FDIC said.

The firm was also ordered to implement several policies that would enhance its
third-party oversight. 

First Fed Bank must review and approve copies of all third-party marketing
materials, including promotional materials, advertising and telemarketing
scripts whether delivered through direct mail, the internet, electronically,
telephonically, social media platforms, mobile devices or any other type of
media, the FDIC said. 

The regulator also ordered the firm to establish processes around managing
regulatory agency inquiries, customer complaints and legal actions. The bank
must also review all third-party service providers’ policies and practices to
determine compliance with all consumer protection laws, the FDIC said. 

In advance of the order, First Fed “proactively provided full remediation for
all affected customers, ended the Quin partnership in 2022, and continues to
bolster internal controls to prevent future issues,” the bank said in a
statement last week.

“These actions are consistent with the consent order. The bank notes that the
issue was unrelated to its traditional customers, its core business, or
commitment to vigilant financial management,” the firm said. “First Fed’s
leadership is committed to strengthening compliance controls and has invested
significant resources into resolving the matter, including implementing
substantial internal control improvements to prevent any similar future
occurrences. First Fed remains in full cooperation with the FDIC surrounding
this matter. Our team is dedicated to serving the financial needs of our
customers with integrity and excellence.”

First Fed Bank’s consent order follows similar actions levied against
fintech-heavy banks Blue Ridge and Cross River, as regulators are increasingly
requiring firms to implement stricter oversight of their fintech partners.

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Filed Under: Retail, Regulations & Policy, Risk, Fintech


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EDITORS’ PICKS

 * Explore the Trendline➔
   da-kuk via Getty Images
   Trendline
   
   
   ARTIFICIAL INTELLIGENCE
   
   In the year since ChatGPT debuted, banks have raced to harness the
   technology, coverage has arguably taken a more hopeful tone, and executive
   talk on AI has become decidedly more plentiful.
   
   By Banking Dive staff
 * Mario Tama via Getty Images
   
   
   MORGAN STANLEY NAMES TED PICK AS NEXT CEO
   
   The elevation of the investment banker caps a years-long, three-way race to
   find a successor to James Gorman. But the bank Wednesday also gave expanded
   roles to its other two contenders.
   
   By Dan Ennis • Oct. 26, 2023

Access now➔
Fotolia
Trendline


CREATING WINNING CUSTOMER SERVICE IN THE BANKING INDUSTRY

Banks and fintechs have a choice when looking to grow: Identify a new customer
segment and expand services, or drill down and better serve the clients they
have.


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MOST POPULAR

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 4. First Fed Bank hit with FDIC consent order over fintech joint venture


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   for the Enterprise From Newgen Software
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Trendline


THE GROWING USE OF AI IN BANKING

In the year since ChatGPT debuted, banks have raced to harness the technology,
coverage has arguably taken a more hopeful tone, and executive talk on AI has
become decidedly more plentiful.


BANKING DIVE NEWS DELIVERED TO YOUR INBOX

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COMPANY ANNOUNCEMENTS

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How Omega’s Business-in-a-Box solution transforms the way entrepreneurs and
startups launch, r…
From Omega Baap Ltd
December 07, 2023
Narmi Brings Behavioral Insights to Community and Regional Financial
Institutions through Neur…
From Narmi
November 30, 2023
Supercharging Enterprise Productivity: Introducing NewgenONE Marvin - GenAI for
the Enterprise
From Newgen Software
November 17, 2023
Newgen recognized as a ‘Strong Performer’ in Digital Process Automation
Platforms in 2023 by a…
From Newgen Software
December 04, 2023
Editors’ picks
 * Explore the Trendline➔
   da-kuk via Getty Images
   Trendline
   
   
   ARTIFICIAL INTELLIGENCE
   
   In the year since ChatGPT debuted, banks have raced to harness the
   technology, coverage has arguably taken a more hopeful tone, and executive
   talk on AI has become decidedly more plentiful.
   
   By Banking Dive staff
 * Mario Tama via Getty Images
   
   
   MORGAN STANLEY NAMES TED PICK AS NEXT CEO
   
   The elevation of the investment banker caps a years-long, three-way race to
   find a successor to James Gorman. But the bank Wednesday also gave expanded
   roles to its other two contenders.
   
   By Dan Ennis • Oct. 26, 2023

Latest in Retail
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   By Dan Ennis
 * WaFd, Luther Burbank extend merger deadline to February
   By Gabrielle Saulsbery

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