FDIC to hold competition to modernize call reports
The so-called tech sprint involving 20 companies from across the country is intended to help improve the efficiency of banks' quarterly data submissions to the regulators. ... Read full article
News Topic: Innovation
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California governor to fintechs: Forget Utah. Be an ILC here.
Gavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters. ... Read full article
5 policy hurdles thwarting federal regulators’ fintech ambitions
An outside paper identifies the statutes, regulations and other bureaucratic realities complicating the banking agencies’ efforts to oversee and benefit from rapidly changing technology. ... Read full article
Wells Fargo's Modjtabai to exit as Scharf shapes leadership
Avid Modjtabai, who runs Wells Fargo's payments and technology innovation unit, is leaving the firm as new Chief Executive Officer Charlie Scharf continues to shake up top management. ... Read full article
Regulators need new approach to innovation
FDIC Chairman Jelena McWilliams reaches out to tech pros to bring fresh ideas to the agency. ... Read full article
Regulators can be the glue in bank-fintech partnerships: FDIC chief
Jelena McWilliams told community bankers that policymakers should be a resource for banks trying to adopt new technology. ... Read full article
JPMorgan donates $25M to get fintech in hands of underbanked
It is the bank’s second big gift to the nonprofit Financial Health Network in recent years, with this one earmarked for a financial solutions lab. ... Read full article
PNC’s indie incubator surfaces with two projects
The bank's innovation arm is developing a mobile-only account for gig-economy workers, and a real estate service to help companies analyze the long-term viability of properties. ... Read full article
Done right, regulatory sandboxes can promote competition
Regulatory sandboxes can create a lot of opportunity for the winners but inadvertently put losers at a competitive disadvantage. ... Read full article
Ex-N.Y. regulator Maria Vullo on fintech fight, Facebook's crypto plan
The former state banking superintendent weighs in on some of the toughest questions bank regulators are grappling with and the lawsuit (still ongoing) that she filed against the OCC. ... Read full article
ING bets its future on open banking
The Dutch company is no longer a bank in some countries, but more of a digital matchmaker between consumers and financial products provided by third parties, explains innovation chief Benoit LeGrand. ... Read full article
Digital Banker of the Year: U.S. Bank's Ankit Bhatt
The increased mobile engagement at U.S. Bank goes back to Ankit Bhatt letting customers tell him — and, many times, show him — what needs to improve. ... Read full article
Steve Wozniak on common innovation mistakes
The Apple co-founder offered advice on how to create successful products, why he craves privacy and why companies should value engineers and inventors. ... Read full article
U.S. Bank hires its first chief digital officer
Derek White, an alumnus of BBVA and Barclays, will oversee digital innovation across all lines of business at the bank. ... Read full article