ICBA Backs FDIC Innovation Competition

Aug 26, 2019
ICBA expressed strong support for the FDIC’s proposed prize competitions to spur innovators, technologists, engineers and others to identify and develop solutions for particular problems.

The FDIC is contemplating up to five prize competitions over the next three years related to underserved communities and financial inclusion, consumer protection, the FDIC's use of information technology and data, and banking innovation.

In a letter to the agency, ICBA said it is optimistic about the practical applications that may develop from these prize competitions. ICBA noted that it has nurtured community bank-fintech partnerships through its ThinkTECH programs and that this competition will be yet another way to foster collaboration.

Meanwhile, the recently launched ICBA ThinkTECH Accelerator 2.0 continues accepting applications from early-stage and startup fintech hopefuls through Sept. 30. Community bankers can refer fintechs for the program via the ICBA website.