FDIC wants to collect proposals for innovation, seeks input on proposed info collection

The federal bank deposit insurer will take comments until Jan. 6 on its plan to initiate a new information collection that will support a planned innovation pilot program framework, according to its notice Wednesday in the Federal Register.

The Federal Deposit Insurance Corp. (FDIC) estimates it will have 50 respondents annually to such proposals.

Explaining its proposed new information collection, the agency states that it “seeks to engage and collaborate with innovators in the financial, non-financial, and technology sectors to, among other things, identify, develop and promote technology-driven innovations among community and other banks in a manner that ensures the safety and soundness of FDIC-supervised and insured institutions.” It says such a pilot program framework “will provide a regulatory environment in which the FDIC, in conjunction with individual proposals collected from innovators, including banks, will provide tailored regulatory and supervisory assistance, when appropriate, to facilitate the testing of innovative and advanced technologies, products, services, systems, or activities.”

The FDIC says it will release more details and parameters of the planned pilot program separately “at a later date.” But it notes that innovators, including banks and firms in partnership with banks, will be invited to voluntarily propose time-limited pilot programs, which will be collected and considered by the FDIC on a case-by-case basis.

Federal Register notice

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