One of the critical qualities of leadership is the ability to rally support for vital issues through cooperation and example. When this leader is a regulator with the ultimate power of coercion, to see an approach based persuasion, logic and we’re-in-this-together is enlightening.
The FDIC Chair Jelena Williams outlined a new approach to innovation, not via a rule or policy statement, but rather in a public op-ed in the American Banker. I thought the following comments were powerful:
…if our regulatory framework is unable to evolve with technological advances, the United States may cease to be a place where ideas and concepts become the products and services that improve people’s lives.
At the FDIC, we want to foster innovation…By promoting and encouraging our supervised institutions toward a more advanced technological footing, the FDIC can help lead a transformation in the financial sector — one that results in easier access to banking products and services, brings more consumers into the banking fold, and makes the banking system safer and more stable…
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