Virtual ‘Office Hours’ series slated by FDIC tech lab; first sessions in June

A series of virtual “Office Hours” to hear from bankers, fintechs (financial technology firms), and other interested parties on evolving technological innovations in banking are slated beginning in June by the federal bank deposit insuring agency’s financial technology innovation lab, the agency announced Thursday.

The Federal Deposit Insurance Corp. (FDIC) said the goal of FDiTech’s Office Hours is to provide an open forum for one-on-one conversations with fintechs, members of the public, bankers, and other stakeholders to discuss how technology can be used to improve the efficiency, effectiveness, and stability of U.S. banking operations, services, and products; support access to financial institutions, products, and services; and better serve consumers.

The meetings are to last one hour each. The agency said that in the first series, the FDIC and FDiTech are particularly interested in attendees’ input and views on artificial intelligence and machine learning (AI/ML) involving:

  • Automation of back office processes;
  • Bank Secrecy Act/anti-money laundering (BSA/AML) compliance;
  • Credit underwriting decisions (especially removing potential bias); and
  • Cyber security.

Those wishing to participate should email a simple expression of interest to no later than May 24, the agency said. In response, FDiTech will ask stakeholders to provide additional information no later than Friday, May 28.

The FDIC said it will use this information to schedule these limited one-on-one sessions during the week of June 14, it said, adding that FDiTech will host additional Office Hours later in the year.

High demand for the Office Hour sessions is anticipated, the agency said, and FDiTech plans to hold about 15 of the one-hour sessions per quarter.

Release: FDiTech to Host Virtual “Office Hours” on Banking-Related Innovation

Financial Institution Letter (FIL): FIL-30-2021