Financial Services: Payment Processors

Posted on

On January 31, 2012 the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter (FIL) 3-2012 FIL-3-2012, which revised the guidance for Payment Processor Relationships (previously issued FIL-127-2008). As described in the letter, the FDIC has seen an increase in financial institutions relationships with payment processors, which can pose an increased risk to financial institutions.

Read more here: Financial Services: Payment Processors

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

More Insights from Keiter CPAs


How Can We Help You and Your Business?

Innsbrook Corporate Center
4401 Dominion Boulevard
Glen Allen, Virginia 23060

804.747.0000 or 804.273.6200