Five Star Bank Joins Newly Launched Banking-as-a-Service Association
JUN 7, 2022 - 7:12 am
Five Star Bank joined the newly launched Banking-as-a-Service (BaaS) Association as a founding member. The association was formed by Bankers Helping Bankers (BHB), a bankers-only social platform for collaboration and education.
“Banking-as-a-service and fintech partnerships are enabling Five Star Bank to broaden its reach on a scale that could not otherwise be realized by a community bank of our size,” Sean Willett, executive vice president and chief administrative officer of Five Star Bank, said. “The BHB BaaS Association provides us a fantastic opportunity to benefit from and collaborate with similarly focused, innovative and leading community banks and other fintech partners on best practices, setting of industry standards and ensuring regulatory expectations are met.”
The BHB’s BaaS Association is a governance association with the purpose of promoting, creating and supporting banking-as-a-service and is aimed at serving the unique needs of BaaS sponsor banks. The association seeks to:
Coordinate legislative and regulatory advocacy efforts to encourage the responsible delivery of BaaS by federally insured depository institutions
Promote best practices and standards for the delivery of BaaS products to non-banks
Build a community of like-minded bankers and other industry participants to share experiences, insights and learnings
Connect federally insured financial institutions to the technology partners who will help them facilitate successful BaaS programs
“Bankers delivering BaaS are leaders in profitability and innovation,” Tanner Mayo, co-founder of BHB, said. “It is essential that banks getting into this space do so in a safe, sound and regulatory compliant way. This association is intended to help them embrace the opportunities of BaaS while proactively identifying and mitigating risks.”
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