Extract to table

The purpose of this letter is threefold: (1) to notify FairLend of certain significant regulatory developments affecting BRB that bear directly on the BaaS partnership between BRB and FairLend; (2) to outline the enhanced cooperation, data sharing, and compliance commitments that BRB requires of FairLend as a BaaS partner operating under BRB's national bank charter; and (3) to set forth the timeline within which FairLend must demonstrate compliance with these requirements and provide formal written acknowledgment of its commitments

Specific Demands and Required Commitments In light of the foregoing, BRB hereby makes the following specific demands and sets forth the following required commitments with which FairLend must comply

FairLend is required to respond to all BRB data requests related to the CDD/EDD remediation effort within five (5) business days of receipt of each such request

Any request from BRB's BSA/AML team, compliance department, or outside advisors for data or documentation in connection with the remediation shall be treated by FairLend as a priority matter requiring prompt attention

Where BRB determines that additional information or documentation is required for a particular customer account, FairLend shall use its best efforts to obtain such information or documentation from the customer in a timely manner, and shall promptly transmit all collected materials to BRB

Going forward, FairLend is required to implement any enhanced onboarding procedures specified by BRB