FDIC: First FDIC Chief Innovation Officer Appointed
Sultan Meghji to spearhead agency’s tech lab and financial innovation efforts The Federal Deposit Insurance Corporation (FDIC) today named Sultan Meghji as the agency’s first Chief Innovation Officer, charged with leading the FDIC’s efforts to promote the adoption of innovative technologies across the financial services sector. “As a recognized expert in financial technology, Sultan brings…
FDIC: Eleven Companies Selected to Compete in Final Phase of Tech Sprint
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks. The FDIC selected the following companies to continue to Phase…
CFPB: No Action Letter Issued to Upstart Network, Inc. to Facilitate the Use of Artificial Intelligence in Loan Pricing and Underwriting
The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Upstart Network, Inc. (Upstart), regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a supervisory or enforcement action against…
OCC: SoFi’s Application to Establish a National Bank Conditionally Approved
The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association. The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including the representations and commitments made in the application and by…
HUD: FHA Launches Technology Module for Single Family Appraisals
New electronic appraisal delivery technology uses cloud-based platform for forward mortgage appraisal submissions The Federal Housing Administration (FHA) today announced the upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform. FHA Catalyst: Electronic Appraisal Delivery will allow lenders to electronically submit, track, and manage single family property appraisals. “Transforming FHA technology is the…
FDIC: Input Sought on Voluntary Certification Program to Promote New Technologies
Public/Private standard-setting partnership could foster innovation and cut costs The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public’s input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions. Given rapid technological developments and…
EDA: $1 Million Awarded for R2 Network Challange and Team Selected to Build Network for Innovation in Disaster Response & Resiliency Technology
The team selected to build the R2 Network is a public-private partnership of entrepreneurs, early stage investors, local government and public safety stakeholders Today, three U.S. Department of Commerce agencies, the Economic Development Administration (EDA), the National Institute of Standards and Technology (NIST) and the First Responder Network Authority (FirstNet Authority), announced the awardee of…
CFPB: Tech Sprints Will Empower Consumers, Reduce Regulatory Burden
The Consumer Financial Protection Bureau (Bureau) today announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s Tech Sprints program will bring together regulators, technologists, software providers, consumer groups, and financial institutions to develop technological solutions to shared compliance challenges. The first Tech Sprint will kick off…
FDIC: FDiTech Releases New Guide to Help FinTechs Connect with Banks
FDIC seeks to promote innovation in banking to meet growing consumer demand In its continuing effort to encourage technological innovation in the banking sector, the Federal Deposit Insurance Corporation’s technology lab (FDiTech) is releasing a new guide to help financial technology companies and others partner with banks. Conducting Business with Banks: A Guide for Third…
OCC: Key Risks Highlighted for Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported operational, credit, and interest rate risks are among the key themes for the federal banking system in its Semiannual Risk Perspective for Fall 2019. Highlights from the report include: Operational risk is elevated as banks adapt to a changing and increasingly complex operating environment. Key…