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Financial Services Law Insights and Observations

FDIC announces FDItech virtual ‘Office Hours’

Fintech FDiTech Artificial Intelligence Bank Secrecy Act FDIC Bank Regulatory


On April 29, the FDIC’s technology lab, FDiTech, announced that it will host a series of virtual “office hours” to hear from a variety of stakeholders in the business of banking concerning current and evolving technological innovations. The office hours will be hour-long, one-on-one sessions that will provide insight into the contributions that innovation has made in reshaping banks and enabling regulators to manage their oversight efficiently. According to the FDIC, “FDiTech seeks to evaluate and promote the adoption of innovative and transformative technologies in the financial services sector and to improve the efficiency, effectiveness, and stability of U.S. banking operations, services, and products; to support access to financial institutions, products, and services; and to better serve consumers.” FDiTech’s goal is to contribute to the transformation of banking by supporting “the adoption of technological innovations through increased collaboration with market participants.” In the first series of office hour sessions, the FDIC and FDiTech are seeking participants’ outlook on artificial intelligence and machine learning related to: (i) automation of back office processes; (ii) Bank Secrecy Act/Anti-Money Laundering compliance; (iii) credit underwriting decisions; and (iv) cybersecurity.

FDiTech anticipates hosting approximately 15 one-hour sessions each quarter. Interested parties seeking to participate in these sessions must contact the FDIC by May 24.

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