The FDIC has proposed a potential set of standards and a certification program intended to make it easier for financial institutions to partner with technology firms; the program would aim to create best practices for technology firms when they want to engage in partnerships with banks; “Fostering innovation in the financial sector is a top priority for the FDIC,” Chairman Jelena McWilliams said in a press release according to American Banker. “We have to remove unnecessary regulatory impediments that banks must overcome when developing or deploying new technologies.”; the program could benefit smaller banks and community banks the most as banks of this size cannot afford the technology budget of a big bank; an efficient set of standards could help to increase the growing trend of bank-fintech partnerships. American Banker.
