McWilliams: FDIC to Seek Comments on Digital Assets

The FDIC in the coming days will issue a request for information to seek additional information on how banks are using or planning to use digital assets, and “what, if anything, the FDIC should be doing in this space,” FDIC Chairman Jelena McWilliams said in remarks during a legal issues conference yesterday.

“In light of the rapid pace of technological change worldwide, including by countries who are not saddled with legacy systems that can slow the adoption of new technologies, the challenge for regulators is to create an environment in which fintechs and banks can collaborate and in which banks are given the space and opportunity to pursue innovative solutions for their customers,” McWilliams said.

She also recapped the banking industry’s performance during the pandemic, emphasizing that FDIC-insured banks performed well during the period of extreme volatility. Notably, McWilliams said that there were just three bank failures during the pandemic, and that none of those were due to the pandemic or ensuing economic stress.