FDIC-Duke Financial Technology Conference

The Federal Deposit Insurance Corporation and
Duke University’s Fuqua School of Business and
Innovation and Entrepreneurship Initiative
held their first financial technology research conference
on April 24, 2019.

April 24, 2019: 8:00 a.m. – 6:00 p.m. EDT
FDIC L. William Seidman Center
Sheila C. Bair Auditorium
3501 Fairfax Drive, Arlington, Virginia

Event Overview

Technology and innovation have been transforming financial services since long before smartphones and machine learning became frequent topics at banking conferences across the country. From the development of double-entry accounting and the first stock exchange to the more recent revolutions brought about by ATMs, debit cards, and internet banking, financial innovators have worked for centuries to improve access and better serve customer and industry needs.

The speed and breadth of technological innovation in recent years, however, marks a shift from earlier eras. Advances in payments, credit, and funding, to name a few, have tremendous potential to transform the business of banking as we know it—both in the way consumers interact with their financial institutions and the way banks do business. Now, more than ever, it is crucial that we understand the impact, scope, and consequences of what we have come to refer to as “fintech.”

The FDIC and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative have organized the “Fintech and the Future of Banking” conference with the belief that at the intersection of research and experience lies good public policy.

Treasury Secretary Steven Mnuchin and FDIC Chairman Jelena McWilliams will open the conference with a conversation about the role of financial technology and innovation in banking. Throughout the day, prominent academic experts will present highlights from research focused on technology’s impact on lending, financial advice, and competition alongside the perspectives of senior leaders in policy and industry. Shorter discussions exploring the topics of regulatory innovation and fintech funding will offer the opportunity for regulators and private investors to share their insights on areas in which research is limited and raise questions that spur new research for the future.

We look forward to what promises to be a thoughtful and engaging dialogue on what research and experience can tell us about the role of fintech and the future of banking.

Agenda

The full day conference will feature three research discussions and two policy discussions, headlined by a conversation between Treasury Secretary Steven Mnuchin and FDIC Chairman Jelena McWilliams. (See Full Agenda.)

Registration

Registration is now closed. .

Reporters wishing to attend should contact the FDIC's Office of Communications at mediarequests@fdic.gov

Featured Speakers

Chairman, Federal Deposit Insurance Corporation

Jelena McWilliams was sworn in as the 21st Chairman of the FDIC on June 5, 2018. She serves a six-year term on the FDIC Board of Directors, and is designated as Chairman for a term of five years.

Ms. McWilliams was Executive Vice President, Chief Legal Officer, and Corporate Secretary for Fifth Third Bank in Cincinnati, Ohio. At Fifth Third Bank she served as a member of the executive management team and numerous bank committees including: Management Compliance, Enterprise Risk, Risk and Compliance, Operational Risk, Enterprise Marketing, and Regulatory Change.

Prior to joining Fifth Third Bank, Ms. McWilliams worked in the U.S. Senate for six years, most recently as Chief Counsel and Deputy Staff Director with the Senate Committee on Banking, Housing and Urban Affairs, and previously as Assistant Chief Counsel with the Senate Small Business and Entrepreneurship Committee.

From 2007 to 2010, Ms. McWilliams served as an attorney at the Federal Reserve Board of Governors, where she drafted consumer protection regulations, reviewed and analyzed comment letters on regulatory proposals, and responded to consumer complaints.

Before entering public service, she practiced corporate and securities law at Morrison & Foerster LLP in Palo Alto, California, and Hogan & Hartson LLP (now Hogan Lovells LLP) in Washington, D.C. In legal practice, Ms. McWilliams advised management and boards of directors on corporate governance, compliance, and reporting requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. She also represented publicly- and privately-held companies in mergers and acquisitions, securities offerings, strategic business ventures, venture capital investments, and general corporate matters.

Ms. McWilliams graduated with highest honors from the University of California at Berkeley with a B.S. in political science, and earned her law degree from U.C. Berkeley School of Law.

Secretary of the U.S. Treasury

Steven Terner Mnuchin was sworn in as the 77th Secretary of the Treasury on February 13, 2017.

As Secretary, Mr. Mnuchin is responsible for the U.S. Treasury, whose mission is to maintain a strong economy, foster economic growth, and create job opportunities by promoting the conditions that enable prosperity at home and abroad. He is also responsible for strengthening national security by combating economic threats and protecting our financial system, as well as managing the U.S. Government’s finances.

Secretary Mnuchin has played a pivotal role in advancing the Administration’s economic agenda, including the passage and implementation of its key legislative achievement, the Tax Cuts and Jobs Act. He also leads the Treasury Department’s regulatory reform efforts. Secretary Mnuchin is chair of the Committee on Foreign Investment in the United States (CFIUS) and is a member of the National Security Council. He is responsible for using economic tools to combat terrorist financing and other threats to the United States and our allies.

Prior to his confirmation, Secretary Mnuchin was Finance Chairman for Donald J. Trump for President and traveled extensively with the President. He also served as a Senior Economic Advisor to the President in developing his economic agenda.

Prior to his confirmation he also served as Founder, Chairman, and Chief Executive Officer of Dune Capital Management. He founded OneWest Bank Group LLC and served as its Chairman and Chief Executive Officer until its sale to CIT Group Inc. Earlier in his career, Secretary Mnuchin worked at The Goldman Sachs Group, Inc. where he was a Partner and served as Chief Information Officer. He has extensive experience in global financial markets and investments.

Secretary Mnuchin is committed to philanthropic activities and previously served as a Member of the Boards of the Museum of Contemporary Art Los Angeles (MOCA), the Whitney Museum of Art, the Hirshhorn Museum and Sculpture Garden on the Mall, the UCLA Health System Board, the New York Presbyterian Hospital Board, and the Los Angeles Police Foundation. He was born and raised in New York City. Secretary Mnuchin holds a Bachelor's Degree from Yale University.

Biographies for All Speakers and Presenters

Who Should Attend?

• Academic experts and thought leaders,
• Representatives from banks that use or are considering using emerging technologies,
• Representatives from firms offering emerging technologies,
• Representatives from bank trade associations,
• Thought leaders on the use of technology in the business of banking,
• Leaders of consumer and community organizations, and
• Representatives from federal and state financial regulatory agencies.

Conference Organizing Committee

Diane Ellis, FDIC
Manju Puri, FDIC/Duke University
David Robinson, Duke Innovation and Entrepreneurship
Andrea Woolford Eley, FDIC
Claire Brennecke, FDIC
Daniel Hoople, FDIC

Questions

If you have any questions related to the Conference, please submit your inquiry via email at Fintech2019@fdic.gov.

• Keep up to date with the FDIC-Duke Fintech Research Conference by following #FDICFintech2019.

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