Over the past several editions of this report, we have highlighted how regulators in the US and abroad have sought to expand the regulatory perimeter to include firms that are outside the traditional financial sector, but which have a potential to impact the stability of the financial system as a whole. This has continued over the past year, and in this section we will discuss several related developments.
In August 2023, the Federal Reserve expressed concerns over Goldman Sachs' partnerships with fintech firms, particularly in its transactional banking division (TxB), citing such issues as inadequate due diligence and monitoring processes when accepting high-risk non-bank clients.1
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