FTA Submits Comment Letter on Community Bank Digitalization
The Financial Technology Association (FTA) submitted comments in response to the Office of the Comptroller of the Currency’s Request for Information on Community Bank Digitalization.
In its letter, FTA emphasized that technology-driven innovation is transforming how Americans access and benefit from financial services. Fintech partnerships allow community banks to improve efficiency, reduce costs, enhance inclusion, and increase consumer choice.
However, smaller banks face challenges in adopting new technologies. FTA urged regulators to support digitalization through clear supervisory expectations, enhanced guidance on third-party risk management, and updates to policies on confidential supervisory information. The letter also recommends increased information-sharing between regulators, banks, and fintechs, along with greater technical training and resources for examiners.
FTA urged regulators to support digitalization through clear supervisory expectations, guidance on third-party risk management, and updates to policies on confidential supervisory information. The letter also recommends increased information-sharing between regulators, banks, and fintechs, along with greater technical training and resources for examiners.
FTA Submits Comment Letter on Community Bank Digitalization
The Financial Technology Association (FTA) submitted comments in response to the Office of the Comptroller of the Currency’s Request for Information on Community Bank Digitalization.
In its letter, FTA emphasized that technology-driven innovation is transforming how Americans access and benefit from financial services. Fintech partnerships allow community banks to improve efficiency, reduce costs, enhance inclusion, and increase consumer choice.
However, smaller banks face challenges in adopting new technologies. FTA urged regulators to support digitalization through clear supervisory expectations, enhanced guidance on third-party risk management, and updates to policies on confidential supervisory information. The letter also recommends increased information-sharing between regulators, banks, and fintechs, along with greater technical training and resources for examiners.
FTA urged regulators to support digitalization through clear supervisory expectations, guidance on third-party risk management, and updates to policies on confidential supervisory information. The letter also recommends increased information-sharing between regulators, banks, and fintechs, along with greater technical training and resources for examiners.
Read the full comment letter here.