On March 17, 2017, Jonathan and I sat down with Bryan Cave Partner Sean Christy in the latest episode of The Bank Account for a discussion of the FDIC’s Office of Inspector General’s Report on Technology Service Provider Contracts. Before diving into the OIG report, Jonathan and I briefly discuss the potential impact on deposits with regard to the Federal Reserve’s latest increase in rates, the OCC’s draft supplement for fintech bank charters (and related BankBryanCave.com blog post), and the change in Federal Reserve policy lessening the examination of certain smaller bank mergers.
Sean is a partner in our Strategic Sourcing group, and has significant experience representing bank and other financial services providers in the negotiation of the their technology contracts. In this episode, Sean helps us look at the key takeaways from the February 2017 FDIC OIG’s report on Third Party Service Provider Contracts with FDIC-Supervised Institutions. Sean provides some practice advice for institutions as they approach negotiations with their service providers, and also breaks down some of the common issues identified in the report that he also regularly sees in the contracts he reviews.