FDIC Issues RFI Re: Potential Voluntary Certification Program Promoting Innovative Technologies

On July 20, 2020 the Federal Deposit Insurance Corporation (FDIC) announced the agency has issued a new Request for Information (RFI) as part of its FDiTech initiative. The RFI is asking for public comment regarding the potential creation of a public-private partnership to set standards and a voluntary certification program, both to promote and help facilitate innovative fintech adoption at FDIC-supervised financial institutions.

FDIC Chair Jelena McWilliams has stated that “fostering innovation in the financial sector is a top priority for the FDIC” and that efforts must be made to “remove unnecessary regulatory impediments that banks must overcome when developing or deploying new technologies."

All comments to the RFI must be received within 60 days from the publication date in the Federal Register.

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