Unknown Sponsor Bank

In 2020, the FDIC launched a request for information as part of its FDiTech initiative aimed at reducing regulatory uncertainty for community banks engaging in partnerships with fintech companies. The proposal included the creation of a standards-setting organization and a voluntary certification program for technology partners to streamline due diligence processes. This was not an enforcement action but rather a proactive regulatory effort to provide clarity and support for bank-fintech collaboration. The initiative recognized that smaller community banks face significant compliance burdens when onboarding fintech partners and sought to lower barriers while maintaining safety and soundness standards.

Verified from source: The FDIC issued a request for information under its FDiTech initiative seeking public input on establishing a standards-setting organization and voluntary certification program for fintechs partnering with banks, aiming to reduce regulatory and operational uncertainty especially for community banks.