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McWilliams: Regulatory System Should Encourage Innovation

FDIC Chairman Jelena McWilliams said she is working to ensure the regulatory system encourages innovations that expand access to banking to more consumers.

Speaking in Washington, McWilliams said the regulatory framework should encourage banks to offer small-dollar loans, avoid unnecessary burdens on community banks, and promote the formation of de novo banks.

“I assure you the FDIC will keep an open mind to the potential challenges and opportunities presented by innovation,” McWiliams said. “Our regulatory framework should work for both the millennials who have never stepped foot inside a bank branch and the young immigrant who cannot afford a smartphone.”

Read McWilliams’ Speech

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