Speaking at a virtual event today, FDIC Chairman Jelena McWilliams acknowledged banks’ strong response to the coronavirus pandemic—from their quick pivot to remote operations to meeting the credit needs of the communities they serve.
In an extensive comment letter to the OCC today, the American Bankers Association offered feedback on a recent advance notice of proposed rulemaking on several issues related to digital technology and innovation.
The OCC today proposed changes to its rules for national bank and federal savings association activities and operations to ensure that they can continue to meet the shifting needs of consumers, businesses and communities.
Acting Comptroller of the Currency Brian Brooks will focus on promoting “responsible innovation” in the banking sector and continuing OCC modernization, he said in a statement upon taking office from former Comptroller Joseph Otting.
To help financial service providers assist struggling borrowers during the coronavirus pandemic, the Consumer Financial Protection Bureau toady issued two no-action letter templates that are intended to help institutions make their own NAL applications for certain consumer financial products and services, as allowed under the CFPB’s innovation policy.
Now more than ever, it’s time for financial CEOs to stop shying away from social and start inspiring digitally connected futures for their companies.
As part of its efforts to facilitate community bank innovation, the Federal Reserve may provide banks with information about core processors and other critical third-party vendors that the banking agencies supervise directly, Fed Governor Michelle Bowman said today at ABA’s Conference for Community Bankers in Orlando, Florida.
Creating a culture of innovation in your bank means you have to start breaking things apart before you can fix them. This can be scary stuff. But hang on. Before you start worrying about risk and rules, think about what requirements and conventions can’t be touched—and which ones are ripe for improvement.
As part of an effort to accelerate financial-sector innovation and incubate fintech startups that are well-equipped to partner with banks, Canapi Ventures today announced $545 million in commitments for its two inaugural venture capital funds—including a passive investment from ABA.
The Consumer Financial Protection Bureau wants to spur innovation in the use of artificial intelligence and machine learning in financial services, CFPB Director Kathleen Kraninger said today.