The FDIC provided additional information today for banks working with competitors in its “tech sprint” competition in financial reporting innovation. The competition was created by the agency’s FDiTech initiative to accelerate solutions for timelier and less burdensome financial reporting. Now in the third and final phase of the prototyping competition, 11 finalists will demonstrate their final prototypes during presentations to be held this month.
The FDIC clarified that:
- The agency’s agreements with competitors do not extend to any financial institution.
- Banks are not obligated to collaborate with any of the 11 competitors.
- Banks are responsible for complying with consumer protection laws, privacy laws and other legal requirements if they collaborate with any competitor.
- Information collected with any competitor is not collected on behalf or for the FDIC.
- Reporting systems produced through the initiative are voluntary and banks will not be required to adopt them.