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, […]

EDA: $5.3 Million in CARES Act Recovery Assistance Invested to the Russell Center for Innovation and Entrepreneurship to Expand Regional Economic Growth

Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $5.3 million CARES Act Recovery Assistance grant to the Russell Center for Innovation and Entrepreneurship, Atlanta, Georgia, to improve and expand the facility and increase their capacity to promote entrepreneurship, support sustainable […]

EDA: Department of Commerce Awards $29 Million in SPRINT Challange Grants to Respond to the Coronavirus Pandemic

 U.S. Secretary of Commerce Gina Raimondo today announced that a total of $29 million would be awarded to 44 organizations as part of the Economic Development Administration’s (EDA) Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge. Last year, the SPRINT Challenge was launched to harness America’s entrepreneurial potential to […]

EDA: $6 Million Invested to Establish Wood Innovation Center in Darrington, WA

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $6 million grant to the town of Darrington, Washington, to acquire land and provide infrastructure needed to establish the Darrington Wood Innovation Center. This EDA grant, to be matched with $1.7 million in state investment, is expected […]

EDA: U.S. Department of Commerce Launches $38 Million Build to Scale Program to Fuel Innovation and Tech-Based Economic Development

Today, the U.S. Department of Commerce announced the opening of the Economic Development Administration’s (EDA) FY21 Build to Scale (B2S) program, which is designed to invest in regional economies through scalable startups. The Build to Scale program’s national competitions will deploy $38 million to further technology-based economic development initiatives that accelerate […]

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 […]

SBA: National Science and Technology Council and SBA Partner to Award $330,000 in Prizes in New Lab to Market Competition

The U.S. Small Business Administration partnered with the National Science and Technology Council’s Lab-to-Market subcommittee to award $330,000 in prizes to the winners of the new Lab-to-Market (L2M) Inclusive Innovation Ecosystem Prize Competition.  The L2M prize competition recognizes the most impactful organizations, programs and ideas that support the research and development (R&D) innovation ecosystems, […]

EDA: $2 Million in Grants Awarded to Drive Innovation and Entrepreneurship through Inaugural STEM Talent Challenge

Economic Development Administration’s Program Supports Efforts of Seven Organizations in Seven States WASHINGTON – U.S. Secretary of Commerce Wilbur Ross today announced the seven grant recipients of the Economic Development Administration’s (EDA) STEM Talent Challenge to boost local science, technology, engineering, and math (STEM) talent.  The inaugural STEM Talent Challenge funding opportunity kicked off in […]

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 […]