FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households. FDITECH expects to open registration for the tech sprint by early July 2021 till Mid-July 2021. In the end of July 2021, FDITECH will invite a select number of teams to participate and will host a Demo Day in Mid-August 2021. FDITECH will invite teams to make short presentations to a panel of experts who will evaluate their submission. Typically, a tech sprint culminates with a Demonstration Day where each team shares findings with a panel of evaluating experts.
Banks, non-profit organizations, academic institutions, private-sector companies, and others are invited to participate. FDIC will provide a problem statement and selected teams will devote their collective energy and expertise toward addressing specific challenges. All submissions will be publicized and winners will be chosen in several categories. FDIC is not offering monetary prizes associated with this tech sprint. FDIC recently published How America Banks, the agency’s latest survey of household use of banking and financial services. This study found that while nearly 95% of U.S. households were banked (that is, had a bank or credit union account), more than seven million households were unbanked. Black, Hispanic, American Indian or Alaska Native households remain significantly more likely to be unbanked. Given the challenges reaching the "last mile" of unbanked households, FDIC asked potential tech sprint participants to identify the data, tools, and other resources that could help community banks meet the needs of the unbanked population cost-effectively and to help measure the impact of this work.
Keywords: Americas, US, Banking, FDITech, Tech Sprint, Fintech, Regtech, Community Banks, FDIC
Previous ArticleEC Releases Sustainable Finance Taxonomy Compass
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.