FDIC Eyes Partnership Program To Ease Fintech Collaboration

Law360 (July 20, 2020, 9:42 PM EDT) -- The U.S. Federal Deposit Insurance Corporation is exploring whether it might certify or otherwise assess fintech companies to promote technology adoption at community banks and other financial institutions.

In a request for information announced July 20, the FDIC sought input from the public about a potential public-private partnership to set standards or create a voluntary certification that could make it easier for FDIC-supervised banks and savings associations to work with fintech firms.

"Given rapid technological developments and evolving consumer behavior, this public/private partnership model program has the potential to help promote innovation across the banking sector and streamline a costly and...

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