ICBA expressed support for a Consumer Financial Protection Bureau proposal to implement "Tech Sprints" designed to develop innovative solutions to specific regulatory compliance or market problems.
The Tech Sprints would gather regulators, technologists, representatives from financial institutions, and other stakeholders for several days to produce actionable ideas, write computer code, and present their solutions. On the final day, teams would present to an independent panel that would select winners.
In a comment letter, ICBA said it supports the goal of Tech Sprints to improve areas such as regulatory reporting, supervision and examination, and publication of rulemakings.
ICBA noted that its ThinkTECH Accelerator focuses on supporting solutions designed for community bank pain points and complements the goals of the proposed Tech Sprints to use innovation to address industry challenges.