How the FDIC and OCC View the Future of Digital Banking

Financial Health Network CEO Jennifer Tescher hosted a panel featuring Federal Deposit Insurance Corp. Chairman Jelena McWilliams and acting Comptroller of the Currency Brian Brooks to discuss the future of digital banking; both agencies were behind the push for banks to be proactive and not reactive, they encouraged the calling of SMBs and consumers to get a real sense for how they were handling the crisis; Brooks struck an optimistic tone about the overall economy saying it was a collective decision to shut the economy down and once it is fully open the need for additional help should subside; Postal Banking was a topic of conversation with Brooks believing it was not the best idea and McWilliams saying she was open to it as a means of financial inclusion; the use of artificial intelligence was also big theme of the panel, “There is a huge potential, with respect to artificial intelligence, to actually bring into the fold people who are not in the fold right now,” McWilliams said during the panel on Friday according to American Banker, referring to the 45 million or so Americans without credit scores. “I think it’s something that regulatory agencies have a lot more work to do [on] in this space.”; regulators are becoming more innovative and these two agencies are now led by people who believe the finial systems can become fairer and more efficient for all. American Banker.

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