FDIC: FDiTech to Host Virtual Office Hours on Banking-Related Innovation

The Federal Deposit Insurance Corporation (FDIC) today announced that it will host a series of virtual ‘office hours’ to hear directly from a range of stakeholders regarding current and evolving technological innovations in the business of banking.   Hosted by the FDIC’s tech lab, FDiTech, and FDIC Chief Innovation Officer Sultan Meghji, […]

FDIC: Agency and Duke University’s Pratt School of Engineering Announce Strategic Partnership to Promote Innovation

The Federal Deposit Insurance Corporation (FDIC) and Duke University’s Pratt School of Engineering today announced a strategic partnership to support technological innovation in the banking and financial services sectors. “This exciting collaboration will amplify our efforts to drive innovation in the banking ecosystem and within the FDIC,” said Sultan Meghji, […]

FDIC: First FDIC Chief Innovation Officer Appointed

Sultan Meghji to spearhead agency’s tech lab and financial innovation efforts The Federal Deposit Insurance Corporation (FDIC) today named Sultan Meghji as the agency’s first Chief Innovation Officer, charged with leading the FDIC’s efforts to promote the adoption of innovative technologies across the financial services sector.  “As a recognized expert […]

FDIC: Eleven Companies Selected to Compete in Final Phase of Tech Sprint

The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks. The FDIC selected the following […]

CFPB: No Action Letter Issued to Upstart Network, Inc. to Facilitate the Use of Artificial Intelligence in Loan Pricing and Underwriting

The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Upstart Network, Inc. (Upstart), regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a […]

OCC: SoFi’s Application to Establish a National Bank Conditionally Approved

The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association. The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including the representations and commitments made […]

HUD: FHA Launches Technology Module for Single Family Appraisals

New electronic appraisal delivery technology uses cloud-based platform for forward mortgage appraisal submissions  The Federal Housing Administration (FHA) today announced the upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform. FHA Catalyst: Electronic Appraisal Delivery will allow lenders to electronically submit, track, and manage single family property appraisals. […]

FDIC: Input Sought on Voluntary Certification Program to Promote New Technologies

Public/Private standard-setting partnership could foster innovation and cut costs The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public’s input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions. […]

EDA: $1 Million Awarded for R2 Network Challange and Team Selected to Build Network for Innovation in Disaster Response & Resiliency Technology

The team selected to build the R2 Network is a public-private partnership of entrepreneurs, early stage investors, local government and public safety stakeholders Today, three U.S. Department of Commerce agencies, the Economic Development Administration (EDA), the National Institute of Standards and Technology (NIST) and the First Responder Network Authority (FirstNet […]

CFPB: Tech Sprints Will Empower Consumers, Reduce Regulatory Burden

The Consumer Financial Protection Bureau (Bureau) today announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s Tech Sprints program will bring together regulators, technologists, software providers, consumer groups, and financial institutions to develop technological solutions to shared compliance challenges. The first […]