Federal Deposit Insurance Corporation:FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint

 

Press Release   January 11, 2021

FDIC Selects 11 Companies to Compete in Final Phase of Tech Sprint

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the selection of 11 companies to compete in the third and final phase of the agency’s Rapid Phased Prototyping Competition, a tech sprint designed to develop an innovative new approach to financial reporting, particularly for community banks.   The FDIC selected the following companies to continue to Phase III of this competition: ACTUS Financial Research Foundation, Inc. BearingPoint DSQuorum, LLC (Data Society) Fed Reporter, Inc. Fidelity Information Services, LLC First Data Government Solutions, LP (Fiserv) Neocova Corporation Novantas, Inc. Palantir Technologies Inc. PeerIQ S&P Global Market Intelligence, LLC The FDIC’s Rapid Phased Prototyping Competition seeks to develop technology for a timelier and less burdensome financial reporting and analysis process. Once completed, the system would better equip regulators to detect signs of risk and to take early actions designed to protect consumers, banks, the financial system and the economy.   This rapid phased prototyping procurement model uses a “show me, don’t tell me” approach – asking competitors to rapidly produce working prototypes of new technologies over several competitive phases. In Phase II, each of the companies met with FDIC staff during sprint check-ins to receive feedback on their concepts and demonstrated initial prototypes. In the third and final phase of the prototyping competition, the finalists will demonstrate their final prototypes during presentations held in March 2021. Read more about Rapid Phased Prototyping.   January 11, 2021 FDIC Announces Personnel Changes WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) has made several personnel changes in its Division of Risk Management Supervision (RMS) and Division of Depositor and Consumer Protection (DCP).   Atlanta Regional Director   John P. Henrie has been appointed Regional Director, Atlanta Region, directing both RMS and DCP supervision programs for institutions in Florida, Georgia, Alabama, South Carolina, North Carolina, Virginia, and West Virginia.   Mr. Henrie has been with the FDIC for more than 33 years and has held a number of leadership positions within RMS, where he most recently served as Deputy Regional Director for the Atlanta Region and Acting Regional Director for the Chicago Region.  He began his FDIC career as a bank examiner in the Concord, New Hampshire Field Office, and served as a field supervisor in Atlanta, case manager in Boston, and section chief and review examiner in the headquarters office.  He is a graduate of Brigham Young University, Provo, Utah.   Mr. Henrie fills the vacancy created by the retirement of Michael J. Dean in 2020.   Senior Deputy Director   Rae-Ann Miller has been appointed Senior Deputy Director, Supervisory Examinations, overseeing safety and soundness examination, applications, and enforcement action programs and policy for RMS.   Ms. Miller has been with the FDIC for more than 30 years and has held leadership positions within the Division of Insurance and Research and the Office of the Deputy to the Chairman and Chief Operating Officer in addition to RMS, where she most recently served as Associate Director for Risk Management Policy.  Ms. Miller is a summa cum laude graduate of Kings College, Wilkes-Barre, Pennsylvania, with a Bachelor of Science in business administration and a graduate of the National Trust School at Northwestern University, Evanston, Illinois.    Ms. Miller replaces James C. Watkins, who retired from the FDIC in September 2020, after more than 40 years of government service.   Deputy Director   Bobby R. Bean has been appointed Deputy Director, Capital Markets and Accounting Policy, overseeing capital and accounting regulations and policy for RMS.     Mr. Bean has been with the FDIC for more than 30 years and has held leadership positions within RMS and the Office of the Vice Chairman.  He also served with the Federal Reserve Board, the former Federal Savings and Loan Insurance Corporation, and in the private sector.  He most recently served as Associate Director for Capital Markets Policy in the Washington Office.  Mr. Bean holds a Bachelor of Science in accounting from Pfeiffer University, Meisenheimer, North Carolina; a Masters of Accounting from the University of North Carolina, Kenan-Flagler Business School, Chapel Hill, North Carolina; and a Masters of Business Administration from the Johns Hopkins University, Carey Business School, Baltimore, Maryland.  He is currently a candidate for a Doctor of Business Administration at The University of Dallas, Irving, Texas.