Washington, D.C. (June 1, 2023) — Recognizing the need to prioritize and foster ongoing engagement between regulators and the community banking technology community, the Independent Community Bankers of America (ICBA) today hosted its focused “Regulator Day.” The annual event brings together policymakers from regulatory agencies and members of the first ICBA ThinkTECH Accelerator fintech cohort of 2023, to discuss the current state of community bank innovation and its future development.
Participants had the opportunity to hear from Federal Deposit Insurance Corporation (FDIC) Vice Chairman Travis Hill, as well as representatives from several other leading agencies including the Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), the Federal Reserve, and local Atlanta-area regulatory organizations like the Georgia Department of Banking.
"Since 2018, ICBA has helped fintech companies connect with community bankers and regulators through its accelerator programs,” FDIC Vice Chairman Travis Hill told attendees. “Engagements like this are a valuable way to help foster innovation at community banks” … and “enhance our collective understanding of emerging technologies, integration challenges, and operational and regulatory obstacles” to help speed the path for responsible innovation, he said.
During the virtual event, regulators shared their expertise and experiences and offered feedback on the cohort’s products and services as well as their perspectives on how to create the best environment to grow and strengthen community-bank fintech partnerships.
“With partnerships between community banks and fintechs continuing to play such a key role in the industry’s innovation ecosystem, it’s imperative to provide this invaluable, early regulator input,” ICBA President and CEO Rebeca Romero Rainey said. “These insights not only support the continued growth and success of our cohort but are vital to our efforts to support innovative products and services that satisfy the diverse financial needs of current and prospective community bank customers.”
The first ThinkTECH cohort of 2023 marked ICBA’s bold step to bring its successful Accelerator program in-house and shift to year-round programing to better support continuous development and advancement of community bank innovation. On June 28, the six participating fintechs will showcase their real-time payments and deposit-focused products and services before an audience of community bankers, industry experts and policymakers, speaking to how their solutions support community banks and the customers and communities they serve. Experience Demo Day live in midtown Atlanta or from your home or office via livestream.
The second ThinkTECH Accelerator for 2023, will kick off in September and will feature small business and data-centric solutions. Interested fintechs are encouraged to submit an application for consideration.
Since its inception, the ICBA ThinkTECH Accelerator program has connected dozens of innovative fintech founders with more than 1,200 community bankers and industry leaders, designing real-world, workable solutions that solve for today’s modern banking needs. About ICBA
The Independent Community Bankers of America (ICBA) is the nation’s voice for community banks with its mission to create and promote an environment where community banks flourish. We are dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and innovative products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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Source: Company press release.