Technology is disrupting traditional banking operations and facilitating innovations in how to manage risk in financial services. As technology is a driving force of modernization on a global scale, navigating the regulatory landscape in the U.S requires focus on both state and federal regulations.
New banking customers are flocking towards the cyber-FinTech route for online banking in lieu of traditional brick and mortar locations. In addition, investors continue to diversify their portfolios for example, by participating in FinTech funding rounds, which have doubled since 2014.
The rapid speed of technological innovations raises issues relating to regulatory expectations. Regulators seek to address these issues. The Office of the Currency Comptroller (OCC) in January 2017 established an Office of Innovation led by a Chief Innovation Officer, as a central point of contact and clearinghouse for requests and information related to innovation. The office provides outreach and technical assistance, and conducts awareness and training activities for OCC staff among other things. The OCC also announced in July 2018 that it would begin accepting applications for national bank charters from non-depository financial technology companies engaged in the business of banking. The Conference of State Bank Supervisors (CSBS) also took a positive step forward to enhance state regulations of non-banks. CSBS Vision 2020 program allows state regulators to improve the licensing process, harmonize supervision, engage FinTech companies and assist state banking departments to enhance efficiency.
The panel will address the current regulations that affect banks from state and federal perspectives not limited to but including, technological developments, FinTech and privacy concerns. It will highlight regulatory developments, review any inconsistencies between state and federal regulations and discuss the path forward within the banking industry. The panel is composed of experts within the public and private sector who will supply a broad perspective.