FDIC statement on 'Overseeing The Fintech Revolution'
In testimony before the House Task Force on Financial Technology of the Committee on Financial Services, the FDIC submitted a statement for the record entitled "Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation," which discussed using technology to meet consumers' needs and improving the supervisory process, technology and the business of banking, the FDIC’s role in fostering innovation, and the FDIC tech lab. It concluded by saying that often regulatory agencies play "catch up" with technological advancements and their impact on regulated entities and consumers. The FDIC's goal is to reverse that trend through increased collaboration and partnership with the industry. Working together, the FDIC can help increase the velocity of transformation, while ensuring that banks continue to operate in a safe and sound manner and consumers remain protected.