US OCC to establish office of fintech next year
The US Office of the Comptroller of the Currency (OCC) is to set up an Office of Financial Technology early next year.
The OCC plans to set up a fintech office next year
With the new office, the OCC says it intends to “bolster its expertise and ability to adapt to a rapidly changing banking landscape” and provide “strategic leadership, vision and perspective” for its financial technology activities and related supervision.
“Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity,” says acting comptroller of the currency Michael Hsu.
“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,” he adds. “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.”
The Office of Financial Technology will be led a by a chief financial technology officer, who will be a deputy comptroller and will report to the senior deputy comptroller for bank supervision policy, the OCC says.
The new fintech office intends to build on and incorporate the Office of Innovation, which was established by the OCC in 2016 to support “responsible” financial innovation.
