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The OCC is replacing its Office of Innovation with a caller assemblage that volition assistance it enactment connected apical of fintech developments and emerging risks.
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The United States Office of the Comptroller of the Currency (OCC) officially announced the constitution of its Office of Financial Technology connected March 30. The caller bureau volition broaden the OCC’s exertion absorption and assistance it enactment abreast of the accelerated developments successful the banking industry, it said.
The Office of Financial Technology volition unfastened connected April 10 nether the enactment of Prashant Bhardwaj, who volition person the titles of OCC lawman comptroller and main fiscal exertion officer. Bhardwaj is simply a caller prosecute astatine the agency. According to the announcement:
“Mr. Bhardwaj volition pb the squad liable for analysis, evaluation, and treatment of applicable trends successful fiscal technology, emerging and imaginable risks, and the imaginable implications for OCC supervision. “Plans to found the caller bureau were announced successful October. It volition incorporated and grow the OCC’s Office of Innovation, which was created successful 2017.
Related: OCC makes its unit disposable for fintech-related discussions
The OCC is an autarkic bureau of the Treasury Department that has been nether the absorption of Acting Comptroller of the Currency Michael Hsu since May 2021. The bureau supervises “national” commercialized banks successful the United States, which are members of the Federal Reserve and insured by the Federal Deposit Insurance Corporation (FDIC).
The @USOCC announces the constitution of its Office of Financial Technology. Read much astatine https://t.co/P57FSe4mp2 pic.twitter.com/wgdzmA2GX1
— OCC (@USOCC) March 30, 2023The OCC has repeatedly cautioned banks against dealing with crypto, peculiarly successful its interpretive letters. In addition, it was 1 of the 3 bank regulatory agencies that released a associated connection astatine the opening of the twelvemonth warning banks astir the risks of crypto.
“Banking organizations are neither prohibited nor discouraged from providing banking services to customers of immoderate circumstantial people oregon type,” holding crypto assets arsenic main “is highly apt to beryllium inconsistent with harmless and dependable banking practices,” the OCC wrote, on with the Federal Reserve Board and FDIC.
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