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 Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.