FDIC: FDITECH Selects Eight Teams in Tech Sprint to Reach the Unbanked
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of eight teams to participate in a ‘tech sprint’ designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers. The FDIC’s tech lab, FDITECH, launched Breaking Down Barriers: Reaching the Last Mile of the Unbanked on July 6, 2021. This first-of-its-kind…
FDIC: FDITECH Registration Open for Tech Sprint to Reach the Unbanked
The Federal Deposit Insurance Corporation (FDIC) today opened the registration period to participate in a Tech Sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked. Interested organizations can request to participate in this Tech Sprint by visiting the FDIC’s Tech Lab…
FDIC: “Fintech: A Bridge to Economic Inclusion” Virtual Conference Scheduled for June 29th
June 29th event to address how technology can create greater opportunities The Federal Deposit Insurance Corporation (FDIC) will host a virtual conference on Tuesday, June 29, 2021, to explore how financial technology and innovation can create a more diverse, equitable and inclusive banking system. Fintech: A Bridge to Economic Inclusion will feature leading voices in the world of…
FDIC: FDITECH Tech Sprint to Reach More Unbanked People Launched
The Federal Deposit Insurance Corporation today announced a ‘tech sprint’ designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of unbanked individuals and households. The FDIC‘s tech lab, FDITECH, is launching a first-of-its-kind tech sprint by challenging participants to identify better resources and tools to help…
FDIC: FDiTech Announces New Deputy Director of Office of Innovation
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Zunera Mazhar as Deputy Director of the agency’s Office of Innovation. Ms. Mazhar will guide the agency’s work to promote the adoption of innovative technologies within the FDIC and across the financial services sector. “I am extremely excited that Zunera will be joining our…
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, these hour-long, one-on-one sessions will…
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’s Chief Innovation Officer. “We…
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 in financial technology, Sultan brings…
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 companies to continue to Phase…
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 supervisory or enforcement action against…