FDIC’s McWilliams Touts Agency’s Forward Looking Initiatives

Despite the pandemic, the FDIC has not lost sight of its forward-looking initiatives, FDIC Chairman Jelena McWilliams said today during the Texas Bankers Association annual convention.

McWilliams highlighted some of the initiatives the FDIC is working on to support community banks, including a mission-driven bank fund to match minority depository institutions and community development financial institutions with investors. Through the program, investors receive pitches from banks and the FDIC partners in an advisory role to support the fund’s mission focus.

“The FDIC is taking on the challenge of promoting innovation and creating a regulatory environment that will make it easier for small banks to adopt new technologies and thrive,” said McWilliams.

She added that the FDIC is also working on a voluntary third-party certification program that would create an organization to establish standards for technology created by third-party vendors. McWilliams also discussed the FDIC’s rapid prototyping competition that brings together external organizations to work on problems identified by the FDIC.