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Financial Services Law Insights and Observations

FDIC solicits comments on innovation pilot programs

Agency Rule-Making & Guidance FDIC Pilot Program Fintech

Agency Rule-Making & Guidance

On November 6, 2019 the FDIC published a notice and request for public comment in the Federal Register seeking input on a new collection of information titled “Information Collection for Innovation Pilot Programs.” The FDIC notes that the innovation pilot program framework is a continuation of the agency’s efforts to engage and collaborate “with innovators in the financial, non-financial, and technology sectors to, among other things, identify, develop, and promote technology-driven innovations among community and other banks in a manner that ensures the safety and soundness of FDIC-supervised and insured institutions.” The framework is intended to provide a regulatory environment to facilitate the testing of innovative and novel approaches or applications involving a variety of banking products and services that may lead to cost reductions, increased access to financial services, and a decrease in operational, risk management, or compliance costs for insured depository institutions. While the FDIC plans on announcing additional details and the framework’s parameters at a later date, the agency stated that “innovators (banks and firms in partnership with banks) will be invited to voluntarily propose time limited pilot programs, which will be collected and considered by the FDIC on a case-by-case basis.”

Comments on the proposal are due January 6, 2020.