FDIC’s state regulators’ group to consider proposed certification program for promoting new technologies at first meeting

A proposed voluntary certification program to promote new technologies is one of five items on the agenda for the Oct. 14 inaugural meeting of an advisory committee of state regulators assembled by the federal insurer of bank deposits.

The Advisory Committee of State Regulators, organized by the Federal Deposit Insurance Corp. (FDIC), will be holding its inaugural meeting during next week’s session. Also on the agenda: Discussion of state banking conditions, community bank consolidation, state-federal consolidation, and an update on financial inclusion efforts.

FDIC Board Chairman Jelena McWilliams will also provide opening and closing remarks; the meeting is scheduled to run from 1 to 5:15 p.m.

The session on the proposed program for promoting new technologies will be accompanied by a details of a “rapid prototyping competition” by the FDIC, presumably regarding new technologies. The posted agenda for the meeting provided no additional details.

Announced in November 2019, the regulators’ committee is charged with focusing on current and emerging issues that have potential implications on the regulation and supervision of state-chartered financial institutions. According to McWilliams, meetings of the group will serve as a “formal venue to engage on issues pertinent to state-chartered banks.”

The committee membership includes top bank regulators and supervisors from 14 states, according to a February release from the agency.

Agenda: Oct. 14 meeting of FDIC Advisory Committee of State Regulators