The White House official who oversaw the Paycheck Protection Program has been hired to serve as the first CEO of the Banking-as-a-Service (BaaS) Association.
The association said in a press release that Bill Briggs had accepted the post. He previously served as the acting associate administrator in the Small Business Administration Office of Capital Access where he was in charge of the PPP.
The PPP “was the watershed moment for bank partnerships with fintech companies,” Dave Mayo, co-founder of the BaaS Association, said in the release. “Bill has seen firsthand how powerful these partnerships can be in meeting the financial needs of Americans.”
“Banking-as-a-Service is a growing business for many financial institutions,” Briggs said.
“As this industry practice takes shape, it is important that we set standards for safe and compliant practices in BaaS to ensure the protection of consumers and the soundness of every participating bank,” Briggs added.
The BaaS Association represents more than 80% of current BaaS sponsor banks operating across the U.S.