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Carl White

Partners in Innovation Community Banks and Fintech Firms

Financial technology, or fintech, is changing how consumers and businesses bank. While digital banking options like mobile check deposit and automatic bill payment have been available for about 20 years, other services made possible by fintech—such as digital wallets and person-to-person payments—are relatively recent and are increasingly being adopted by banks of all sizes. Thus far most banks, especially community banks, have opted to partner with fintech firms to provide these services to their customers.

12/29/2021 Read more about Partners in Innovation Community Banks and Fintech Firms

On December 1, 2021, the Federal Reserve finalized changes to the FR 2052a (6G) report effective May 1, 2022, for banking organizations subject to Category I standards and October 1, 2022, for banking organizations subject to Category II–IV standards.  The Federal Register Notice can be found here.

An informational Ask the Fed® session on Thursday, January 27, 2022, will walk through the technical documentation and XML schema intended to assist firms in developing data files to ensure successful transmission to the Federal Reserve Bank.  The final instructions, the XML schema that implements these instructions, supporting technical documentation, sample XML files and other supporting materials can be found below. 


The Paycheck Protection Program (PPP) was the focus of several papers at this year’s Community Banking in the 21st Century Research and Policy Conference, and their findings were very much in line with the conference’s overall theme of industry resilience and innovation. 

Two years ago, community banks cited the availability and cost of funding as their greatest challenges, according to the Conference of State Bank Supervisors’ 2019 National Survey of Community Banks. Interest rates had recently risen, increasing the cost of deposits and prompting more reliance on wholesale funding.

Upcoming Programs & Events

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Take Five is a popular video series featuring St. Louis Fed economist Dr. Bill Emmons. In each video, Emmons provides a quick, concise synopsis of the most recent meeting of the Federal Open Market Committee (FOMC).