Coastal Community Bank joins newly launched BaaS Association

By Edlyn Cardoza

Coastal Community Bank recently announced that they have joined the newly launched Bankers Helping Bankers (BHB) Banking as a Service (BaaS) Association as a founding member. The Association aims to serve the unique needs of BaaS sponsor banks.

Coastal Community Bank’s BaaS team partners with broker-dealers and digital financial services providers who deliver a broad range of offerings for different and diverse demographics.

The BaaS Association was created to:

• Coordinate legislative and regulatory advocacy efforts to encourage the responsible delivery of BaaS by Federally insured depository institutions.
• Promote best practices and standards for the delivery of BaaS products to non-banks.
• Build a community of like-minded bankers and industry participants to share experiences, insights, and learnings.
• Connect Federally insured financial institutions to the technology partners who will help them facilitate a successful BaaS program.

BaaS is seeing a tremendous increase in bank participants fueled by rapid expansion in FinTech funding and a constant supply of new startups. It is a highly specialised business that requires unique technology, regulatory and compliance expertise, and operational capabilities.

“BaaS banks are not all alike. We often focus on different types of partners and business models,” said Eric Sprink, CEO of Coastal Community Bank. “We look forward to working with the Association to develop and share best practices to provide excellent experiences for consumers and businesses alike.”

Bankers Helping Bankers (BHB) is a bankers-only social platform for collaboration and education. Through data tools and dynamic user groups, BHB provides community bankers with a knowledge base focused on bank technology and emerging Fintech companies, as well as hot topics such as cryptocurrencies, banking-as-a-service, becoming a sponsor bank, and launching a direct digital brand. The BHB platform is free for bankers, reaching 75% of the banks.