U.S. OCC Establishes A Fintech Office To Keep Up With Innovation

In order to keep up with the “rapidly changing banking landscape,” US regulator the Office of the Comptroller of the Currency (OCC) is establishing a financial technology section.

The OCC created the Office of Innovation in 2016 to coordinate agency efforts to foster “responsible financial innovation,” and it will be replaced by the Office of Financial Technology early in 2019.

The senior deputy comptroller for bank supervision policy will oversee the new office, which will be run by an as-yet-unidentified chief financial technology officer.

Acting Comptroller of the Currency Michael Hsu says: “Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity.

To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technology landscape.”