President of the BHB BaaS Association Responds to Comments made by Acting Comptroller

President of the BHB BaaS Association Responds to Comments made by Acting Comptroller

FOR IMMEDIATE RELEASE  – September 9, 2022

AUSTIN, TEXAS – The BHB Banking as a Service Association President Dave Mayo released the following statement in response to Acting Comptroller Michael Hsu’s comments and concern regarding banking-as-a-service (BaaS) arrangements between banks and fintech companies.

​“Acting Comptroller Hsu’s comments at the TCH+BPI Annual Conference shine light on issues which have concerned the members of the Banking as a Service Association for some time. We believe that BaaS relationships can carry mutual benefit for financial technology companies and financial institutions alike. However, the only winning scenario for partnership is one in which the end-user is served in a safe, sound and compliant manner.”​​

Dave Mayo goes on to say, “The Banking as a Service Association was founded to step into the gap and create industry best practices where regulators have been slow to respond to the evolving BaaS business model. We believe that regulatory understanding and consistency will provide clear guidelines for banks to responsibly partner with fintech companies. We look forward to working with the Acting Comptroller and his staff to address their concerns.”

About The BHB BaaS Association:

The BHB BaaS Association is a premiere governance association with the purpose of promoting, creating, and supporting Banking-as-a-Service (BaaS). Our goal is to teach and guide through education, collaboration, and find new ways for community banks to make money. BaaS is a highly specialized niche and one that is seeing a tremendous increase in bank participants. Fueled by rapid expansion in fintech funding and a constant supply of new startups, there simply aren’t enough BaaS Sponsor banks to meet the growing demand from hundreds of FinTech applicants. The BaaS Association aims to serve the unique needs of BaaS Sponsor banks. For more information, visit

Source: FI FinTech Newsroom

Contact Information


Rachel Hernandez

Director of Marketing, FedFis

(512) 284-4987

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