Blue Ridge Bankshares has named a president of its fintech division.
On Tuesday the Charlottesville, Virginia, bank announced that Kirsten Muetzel would oversee its fintech practice, which involves managing the bank's partners, ensuring regulatory compliance and furthering its banking-as-a-service strategy.
Kirsten Muetzel, the new president of Blue Ridge Bank's fintech division, spent a decade in the Federal Reserve system, including supervising banks in banking-as-a-service relationships.
Previously, Muetzel spent a decade in the Federal Reserve system, including supervising banks in BaaS partnerships, and has served as a chief financial officer and chief risk officer for fintech companies.
"She brings the perfect combination of banking supervision experience coupled with fintech industry knowledge and business acumen," said Brian Plum, chief executive officer of the $2.9 billion-asset Blue Ridge Bank, in a press release. "Kirsten will be instrumental as we continue building the necessary infrastructure to support current partnerships while preparing the foundation upon which to build future success."
The bank has run into trouble with regulators before. It had to delay its merger with FVCBankcorp in 2021 after the Office of the Comptroller of the Currency raised concerns and called off the deal in early 2022. In September, a securities filing revealed that the OCC required Blue Ridge Bank to make several changes. It must obtain a non-objection from the OCC before it signs any contracts with new fintech partners or adds new products with its existing partners, refine the ways it complies with the Bank Secrecy Act, and explain how it will improve its monitoring of suspicious activity.
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