“OVERSEEING THE FINTECH REVOLUTION: DOMESTIC AND INTERNATIONAL PERSPECTIVES ON FINTECH” before the TASK FORCE ON FINANCIAL TECHNOLOGY of the COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES

The report states how the FDIC is taking an interest in researching distributed ledger technologies, smart contracts, and digital assets. One such initiative is a partnership with Duke University to host a technology and banking conference: “To gain a better understanding of these issues, the FDIC has engaged extensively with stakeholders, including financial institutions, consumer groups, trade associations, and technology companies on a variety of innovative, technology-driven products and services. In addition, through our ongoing supervisory processes, the FDIC regularly reviews supervised institutions’ uses of technology. This includes innovations developed by FDIC-supervised institutions themselves, as well as activities conducted through their relationships with third parties. On the international front, the FDIC is part of the Basel Committee on Banking Supervision’s Task Force on Financial Technology. The Task Force’s work resulted in the publication of “Sound Practices: Implications of fintech developments for banks and bank supervisors, ”which assesses how technology-driven innovation in financial services may affect the banking industry and the activities of supervisors in the near- or medium-term.”