FDIC state regulators panel to get update on FDiTech, more

An advisory committee of state regulators will get an update on the federal bank deposit insurer’s office of innovation activities, discuss state-federal coordination, and receive a report on community banking and agricultural lending when it meets virtually March 18, according to the agenda announced Thursday.

The Federal Deposit Insurance Corp. (FDIC) Advisory Committee of State Regulators, set to begin that open meeting at 1 p.m. ET, is also slated to discuss state banking conditions. The meeting will open with remarks by agency Chairman Jelena McWilliams.

The FDIC Office of Innovation (FDiTech) update could include the latest on the office’s “rapid phase prototyping” competition (or “tech sprint”) to develop an innovative new approach to financial reporting for community banks. The competition is in its third and final phase, with 11 companies participating. Presentations of final prototypes are slated for this month.

The FDiTech update will be given by FDIC Chief Innovation Officer Sultan Meghji, who was just named to his post in February. Meghji’s charge is to lead the agency’s efforts to promote the adoption of innovative technologies across the financial sector.

Other presentations will come from the agency’s divisions of research and insurance, risk management supervision, and depositor and consumer protection.

The FDIC Advisory Committee of State Regulators was created in 2019 and held its first meeting last October. The panel was established to serve as a forum for state banking regulators and the FDIC to discuss issues that have potential implications for the regulation and supervision of state-chartered financial institutions.

FDIC to Host a Meeting of the Advisory Committee of State Regulators