“Banks involved in banking as a service will have to prioritize regulatory compliance in 2023 as scrutiny intensifies and opportunities in the segment grow. Throughout 2022, multiple bank regulators have stressed that they are increasing their attention on banks’ third-party risks. In one example, the Office of the Comptroller of the Currency entered into a formal written agreement in August with Blue Ridge Bank NA, the bank subsidiary of Blue Ridge Bankshares Inc., to enhance the OCC’s supervision of the bank’s fintech partnerships. Regulators’ messages are helping increase banks’ awareness of risk management and not necessarily killing banks’ interest in BaaS, industry experts said.”