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Banking on Data: Great Possibilities, Great Responsibilities

Presented by the FDIC & Santa Clara University’s Leavey School of Business

Last Updated: May 4, 2021
Banking on Data: Great Possibilities, Great Responsibilities

Today, public policies and programs rely heavily on data-driven insights. For policymakers, analysts and academics, mountains of data, especially big data, offer great possibilities—and challenges. The FDIC is partnering with Santa Clara University (SCU) Leavey School of Business to host a new webinar series, “Banking on Data: Great Possibilities, Great Responsibilities.” FDIC Division of Insurance and Research Director Diane Ellis and Professor Sanjiv Das of SCU will co-host five monthly webinars for both innovators and regulators. The series builds on the themes of the 2019 FDIC FinTech Research Conference and will feature academic paper presentations and policy-focused panels. The presentations will highlight the opportunities and challenges for financial institutions, consumers, and the financial system created by the use of big data and applied technologies. This bicoastal webinar series will bring together the FinReg and policy sector on the East Coast with the tech sector on the West Coast.

During the kickoff session on April 15, 2021, FDIC Chairman Jelena McWilliams provided opening remarks and viewers enjoyed two academic research presentations exploring the possibilities of big and alternative data in finance and banking. On May 20, 2021, FDIC Chief Innovation Officer Sultan Meghji moderated an engaging panel discussion among industry experts on the use of big and alternative data to provide products and services. Both sessions were recorded and are available by clicking on the previous webinars link in the left menu. The three remaining webinars will dive into the ethics of artificial intelligence and machine learning, open banking, and how we can improve financial regulation in the world of big data

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Webinar Series:

Featured Speakers

Irena Raicu Photo
Irina Raicu is the director of the Internet Ethics Program at the Markkula Center for Applied Ethics, based in Santa Clara University. She is a Certified Information Privacy Professional and was formerly an attorney in private practice. Her work addresses a wide variety of issues including online privacy and data ethics, content moderation, the digital divide, and AI ethics. Raicu is a member of the Partnership on AI's working group on Fair, Transparent, and Accountable AI; her writing has appeared in a variety of publications (including The Atlantic, MarketWatch, and Recode); and she has authored or co-authored multiple teaching materials designed to integrate applied ethics into technology-related courses and professional practice.

Patrice Ficklin
Patrice Alexander Ficklin is the founding director of the CFPB’s Office of Fair Lending & Equal Opportunity, which coordinates the Bureau’s efforts to fulfill its responsibilities to ensure fair, equitable and nondiscriminatory access to credit and has played an integral role in various Bureau innovation initiatives such as the issuance of its first No Action Letter, guidance on alternative financial data, and a techsprint on adverse action notices.

Her prior experience includes negotiating complex transactions and leading teams engaged in counseling industry and consumer advocate organizations on regulatory compliance, consumer protection, fair lending, fair housing and fair employment.

Patrice has mediated employment discrimination claims and arbitrated individual lending discrimination claims made by Black farmers in Pigford v. Glickman, a class action lawsuit against the U.S. Department of Agriculture.

Patrice is a graduate of Georgetown University and Harvard Law School.

AAron Roth
Aaron Roth is a professor of Computer and Information Sciences at the University of Pennsylvania, affiliated with the Warren Center for Network and Data Science, and co-director of the Networked and Social Systems Engineering (NETS) program. He is also an Amazon Scholar at Amazon AWS. He is the recipient of a Presidential Early Career Award for Scientists and Engineers (PECASE) awarded by President Obama in 2016, an Alfred P. Sloan Research Fellowship, an NSF CAREER award, and research awards from Yahoo, Amazon, and Google. His research focuses on the algorithmic foundations of data privacy, algorithmic fairness, game theory, learning theory, and machine learning. Together with Cynthia Dwork, he is the author of the book “The Algorithmic Foundations of Differential Privacy.” Together with Michael Kearns, he is the author of “The Ethical Algorithm”.

Nancy Wallace
Nancy Wallace is a Professor of Finance and Real Estate and holds the Lisle and Roslyn Payne Chair in Real Estate and Capital Markets at the Haas School of Business, the University of California, Berkeley. She is Chair of the Real Estate Group, Co-Chair of the Fisher Center for Real Estate and Urban Economics, and directs the Real Estate and Financial Markets Laboratory. She teaches asset-backed securitization, real estate investment analysis, real estate strategy, and real estate finance at Haas. Her research focus includes residential house price dynamics, mortgage contract design and pricing, securitization and asset backed security pricing and hedging, lease contract design and pricing, methods to underwrite energy efficiency in commercial mortgages, and valuation models for executive stock options. She has served as a visiting scholar at the New York Federal Reserve Bank, the San Francisco Federal Reserve Bank, the Université de Cergy Pointoise, Centre de Recherche THEMA (Théorie Economique, Modélisation, et Applications), and the Stockholm School of Economics. Professor Wallace is a past President of the American Real Estate and Urban Economics Association and a past member of the AREUEA Board of Directors. Professor Wallace served on the Financial Research Advisory Committee, Office of Financial Research, U.S. Treasury Department (2013-2016), the Model Validation Council (MVC) of the Federal Reserve System (2013-2016), and served as chair of the MVC 2015-2016.

  • WEBINAR 4: Open Banking
    September 16, 2021 (1:00pm - 2:30pm ET)

    Policy and consumer impact perspectives on enabling “open banking” through APIs, national vs. state privacy laws, data ownership, and liability standards.

  • WEBINAR 5: Improving Financial Regulation (RegTech/SupTech)
    October 21, 2021 (1:00pm - 2:30pm ET)

    State, national, and international perspectives on technologies that support regulatory agency functions, regulatory frameworks and processes, and innovations in the financial regulatory domain. How can new technology enable innovation that leads to better outcomes for consumers, banks, and regulators?

Questions

If you have questions about the webinar series, please email your inquiry to SHR_BnkonDataCf-2021@FDIC.gov.

Stay up to date with the Banking on Data: Great Possibilities, Great Responsibilities Webinar Series by following #FDICResearch.

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