Banks and credit unions are increasingly using new technology—known as “fintech”—for services like paying bills with mobile wallets. So it’s crucial that regulators have the necessary skills to make policy for and oversee fintech.
Federal regulators require many of their employees to have some technology skills, such as data analysis. But the agencies haven’t assessed or identified critical fintech skills or skill gaps they need to address.
In addition, some agencies have offices dedicated to financial innovation and technology, but they don’t have performance goals and measures for this work.
Our recommendations address these issues.
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