A group in Austin, Texas, has formed an association to advocate for financial institutions that offer Banking-as-a-Service (BaaS) products.
Bankers Helping Bankers, a bankers-only platform, said in a press release that it had formed the BHB Banking-as-a-Service Association.
The association plans to coordinate legislative and regulatory advocacy efforts for BaaS providers and promote best practices and standards for delivering services to nonbanks.
The plan is to encourage bankers to share experiences, insights, successes and failures and to connect federally insured financial institutions with fintech partners.
“These elite bankers lead in profitability and innovation,” Tanner Mayo, Bankers Helping Bankers’ co-founder, said in the release. “It is essential that banks getting into this space do so in a safe, sound, and regulatory-compliant way.”