FDIC Chair Jelena McWilliams identified actions by prudential regulators that can empower "mission driven banks" including minority depository institutions ("MDIs") and community development financial institutions (or "CDFIs").

At the National Community Investment Fund Conference, Chair McWilliams cited efforts to bridge the "gap of belonging" and to "build an inclusive banking system for all Americans." These include:

  • evaluating the use of alternative data to aid financial institutions in determining the creditworthiness of consumers who otherwise may not have access to conventional or "mainstream" credit systems;
  • expanding credit access through innovations in artificial intelligence;
  • investing in rapid prototyping to promote the development of quicker and more seamless reporting of data with greater granularity; and
  • partnering with financial technology firms to enable banks to access new customers and provide them with new products.


Chair McWilliams' emphasis on the potential benefit of employing financial technology to improve the delivery of banking services to underserved individuals is notable. There remains the risk that firms employing AI technology may be charged with the use of methodologies that have a disparate impact on a protected class. Regulators should consider offering guidance.

Primary Sources

  1. FDIC Speech, Jelena McWilliams: Remarks at the National Community Investment Fund Conference, "Reimagining Mission-Oriented Banking"

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