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FDIC seeks input on standards program for tech innovation
The FDIC has issued a Request for Information 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.
Released as part of the FDiTech initiative, the Request for Information asks whether the proposed program might reduce the regulatory and operational uncertainty that may prevent financial institutions from deploying new technology or entering into partnerships with technology firms, including “fintechs.” For financial institutions that choose to use the system, a voluntary certification program could help standardize due diligence practices and reduce associated costs.
Comments will be accepted for 60 days following Federal Register publication.