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New OCC Task Force on Banking Innovation

Matt Kelly | August 9, 2015

The Office of the Comptroller of the Currency is pulling together a new team to consider the regulatory implications of new advances in the banking sector.

In a speech delivered last Friday, OCC director Thomas Curry talked at length about various advances in financial services and the risk management challenges they are starting to pose. Curry said he is assembling a group of in-house examiners, lawyers, and policy analysts, to look at everything from what new technologies might allow, to new players offering financial technology, to new processes that might make financial services operate more efficiently.

“We’re still early in the process, so I can’t tell you exactly where we’ll end up,” Curry said. He did speculate that OCC might create a new office devoted to reviewing banking innovation.

Curry cited the explosion of new mortgage products in the 2000s—and the lax review...

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