ICBA will continue working to facilitate fintech partnerships with community banks to meet their unique needs, ICBA Services Network Chief Operating Officer Kevin Tweddle told community bankers at ICBA’s 2019 Capital Summit.
During a panel discussion on community bank-fintech partnerships, Tweddle cited the recently concluded ICBA ThinkTECH Accelerator
, a first-of-its-kind program that cultivated community bank-focused technologies. He said continued feedback is needed to teach fintechs how to address key community banking priorities, such as cybersecurity.
Moderated by ICBA Chairman Preston Kennedy, the panel discussion also featured Rep. French Hill (R-Ark.), who cited the importance of new technologies to extend economic growth throughout the country. Hill said the House Financial Services Committee, on which he serves, is establishing a task force on federal fintech policies and regulation. The former community banker said he is particularly interested in “regtech” that will help community banks more efficiently meet regulatory burdens.
Discussing the regulatory perspective, Hunton Andrews Kurth LLP Partner Heather Archer Eastep encouraged community banks to communicate with regulatory agencies about plans to partner with fintech firms. She said that while regulators are becoming more supportive of fintech collaborations, community banks should engage their boards and document their decisions to understand risks and ensure examiners are not surprised.
The 2019 ICBA Capital Summit continues today with congressional meetings and remarks from Senate Banking Committee Chairman Mike Crapo (R-Idaho) and House Financial Services Committee Chairwoman Maxine Waters (D-Calif.). Community bankers can follow the conversation via the #CapitalSummit19
hashtag and ICBA Capital Summit webpage