McWilliams: FDIC Using Tech to Streamline Oversight

Oct 02, 2019
The FDIC's Tech Lab will focus on helping community banks deploy technology to meet the needs of customers and removing regulatory impediments to innovation, FDIC Chairman Jelena McWilliams said.

Speaking at the St. Louis Fed, McWilliams said the agency is planning a series of community bank-focused roundtable discussions on digitization and is searching for a chief innovation officer to lead the Tech Lab.

She noted that technology has enabled the FDIC to conduct offsite 64 percent of consumer compliance exams and 44 percent of prudential exams.