First-ever ‘Academic Challenge’ asks teams from higher education to consider banking issues

Questions concerning the U.S. banking sector will be addressed by teams of university and college students during the inaugural Academic Challenge, launched by the federal insurer of bank deposits to promote banking and connections to community banks, the agency said Friday.

According the Federal Deposit Insurance Corp. (FDIC), the event – which will focus on the topic of “The Effects of Community Banks on Local Economic Development” – will consist of two rounds. In round one, teams of undergraduate students will use multiple public data sources to examine the effects of community banks on local economic development. In round two, finalist teams will be invited to present their findings and answer questions from a panel of judges who work in the areas of banking and bank supervision.

The agency said teams will use government and other public data to develop their arguments. Also, FDIC economists will host two online sessions to help students find resources and address questions about the competition. “Participants will have the opportunity to showcase and sharpen their analytical and presentation skills, to be exposed to important issues in banking, and to deepen their experiences working in teams,” the agency said.

FDIC Launches Its First-Ever Academic Challenge