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Comments due: FDIC (request for information; adoption of technology at FDIC-supervised institutions)
September 22, 2020
The Federal Deposit Insurance Corp. (FDIC) is issuing this request for information (RFI) as part of its FDiTech initiative to promote the efficient and effective adoption of technology at FDIC-supervised banks and savings associations (financial institutions), particularly at community banks, and to facilitate the supervision of technology usage at these institutions without increasing costs or regulatory burden. The RFI seeks input on whether a standard-setting and voluntary-certification program could be established to support financial institutions’ efforts to implement models and manage model risk by certifying or assessing certain aspects of the models themselves, and to conduct due diligence of third-party providers of technology and other services. The FDIC is especially interested in information on models and technology services developed and provided by financial technology companies (fintechs).