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Competition to develop innovative financial reporting

The FDIC announced on Tuesday a rapid prototyping competition to help develop a new and innovative approach to financial reporting, particularly for community banks.

The agency has invited 20 technology firms to participate. They will develop proposed solutions over several months for consideration by the FDIC. The agency intends that the modern tools developed in this and future competitions "will help make financial reporting seamless and less burdensome for banks, provide more timely and granular data to the FDIC on industry health, and promote more efficient supervision of individual banks."

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