More regular and informal meetings between banks and regulators to discuss operations and emerging risks could reduce the need for cumbersome quarterly reporting, FDIC Chairman Jelena McWilliams said.
McWilliams touts "continuous engagement" oversight approach
December 14, 2020 / By ICBA
More regular and informal meetings between banks and regulators to discuss operations and emerging risks could reduce the need for cumbersome quarterly reporting, FDIC Chairman Jelena McWilliams said.
More regular and informal meetings between banks and regulators to discuss operations and emerging risks could reduce the need for cumbersome quarterly reporting, FDIC Chairman Jelena McWilliams said.
Speaking at a Fed conference on bank supervision, McWilliams said this "continuous engagement"—which the FDIC is exploring through its FDiTech initiative—wouldn't mean real-time monitoring of community banks, which would be a waste of FDIC resources.
Rather, informal engagements that use technology to provide a dashboard of an institution's financial health could be a substitute for the call report and dramatically reduce the burdens of on-site exams, helping community banks into the future, she said.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
