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Summary:

The �౦��Ϸ���� announced that it is seeking the public's input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at �౦��Ϸ����-supervised financial institutions. The �౦��Ϸ���� today published a Request for Information as part of its FDiTech Initiative to promote the adoption of innovative technologies across the financial services sector.

A copy of the Request for Information can be found on the �౦��Ϸ����’s website.

Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter (FIL) applies to all �౦��Ϸ����-supervised financial institutions.

Highlights:

• The Request for Information asks whether the proposed system might help reduce the regulatory and operational uncertainty that may prevent financial institutions from deploying new technology or entering partnerships with technology firms, including “fintechs.”
• For financial institutions that choose to use the system, a voluntary certification program could help standardize due diligence practices and reduce associated costs.
• Given rapid technological developments and evolving consumer behaviors in banking, this public/private partnership model has the potential to help promote innovation across the banking sector and streamline what can be a costly and duplicative system for both banks and technology firms.
• The �౦��Ϸ���� encourages comments from all interested parties by 60 days from publication in the Federal Register .

Distribution:

�౦��Ϸ����-Supervised Institutions

Suggested Routing:

Chief Executive Officer 
Compliance Officer 
Chief Information Officer