FDIC chair says US community banks must upgrade technology
“Banks, if you do not innovate, you will lose in the long run,” Jelena McWilliams warns
Regulators must step in to help banks and fintech firms collaborate to safeguard community banking, Federal Deposit Insurance Corporation (FDIC) chair Jelena McWilliams has said.
The regulatory framework must evolve with technological advances, McWilliams said in an October 1 speech. Otherwise, she said, the US may “cease to be a place where ideas become concepts and concepts become the products that improve people’s lives”.
“Banks, if you do not innovate, you will lose in the long run,” she
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