FDIC: FDITECH Tech Sprint to Reach More Unbanked People Launched
The Federal Deposit Insurance Corporation today announced a ‘tech sprint’ designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of unbanked individuals and households. The FDIC‘s tech lab, FDITECH, is launching a first-of-its-kind tech sprint by challenging participants to identify better resources and tools to help…
FDIC: New Policy Statement on Minority Depository Institutions Approved by FDIC Board
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final Statement of Policy to enhance the agency’s efforts to preserve and promote Minority Depository Institutions (MDIs). The FDIC’s revised policy statement reflects public comment received in response to a proposal issued in August 2020 and updates, strengthens and clarifies the…
FDIC: 2021 Summary of Deposits Survey Begins
The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey; institutions with only a main office are exempt. All survey responses are required by July 31,…
ABA: Report Shows Addressing Unbanked & Underbanked Challenges Requires Multifaceted Approach
Enhancing existing programs, highlighting no- and low-cost bank account offerings, improving financial education, expanding broadband internet access, and encouraging the opening of bank accounts during government benefit program enrollment will help address the unbanked/underbanked challenge in the United States. A new report, Delivering Financial Products and Services to the Unbanked and Underbanked in the United States…
FDIC: 2021 Risk Review Published
The Federal Deposit Insurance Corporation (FDIC) today published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system. The FDIC began reporting key banking sector risks in its Risk Review publication in 2019, and this year’s report expands coverage of key risks during a time of heightened uncertainty. “The U.S. economy…
FDIC: FDiTech Announces New Deputy Director of Office of Innovation
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Zunera Mazhar as Deputy Director of the agency’s Office of Innovation. Ms. Mazhar will guide the agency’s work to promote the adoption of innovative technologies within the FDIC and across the financial services sector. “I am extremely excited that Zunera will be joining our…
FDIC: FDiTech to Host Virtual Office Hours on Banking-Related Innovation
The Federal Deposit Insurance Corporation (FDIC) today announced that it will host a series of virtual ‘office hours’ to hear directly from a range of stakeholders regarding current and evolving technological innovations in the business of banking. Hosted by the FDIC’s tech lab, FDiTech, and FDIC Chief Innovation Officer Sultan Meghji, these hour-long, one-on-one sessions will…
CFPB: Consumer Complaint Bulletin Examines County-Level Demographic Data
The Consumer Financial Protection Bureau (CFPB) issued a bulletin today analyzing complaints submitted by consumers in counties nationwide. In 2019 and 2020, the CFPB received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties. Consumers in counties with the highest percentage of minority…
ABA: Bank Volunteers Encourage Saving for the Unexpected on 2021 Teach Children to Save Day
Bank employees across the country will bring financial education to more than 70,000 K-8 students as part of the ABA Foundation’s Teach Children to Save Day on April 22. The annual event is a centerpiece of the banking industry’s longstanding commitment to youth financial education. Since 1997, the ABA Foundation’s financial education initiatives have reached 11.6 million…
FDIC: Agency and Duke University’s Pratt School of Engineering Announce Strategic Partnership to Promote Innovation
The Federal Deposit Insurance Corporation (FDIC) and Duke University’s Pratt School of Engineering today announced a strategic partnership to support technological innovation in the banking and financial services sectors. “This exciting collaboration will amplify our efforts to drive innovation in the banking ecosystem and within the FDIC,” said Sultan Meghji, FDIC’s Chief Innovation Officer. “We…