- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-10-27T16:57:00
The Office of the Comptroller of the Currency (OCC) will heighten its focus on the financial technology (fintech) space with the creation of a new department.
The Office of Financial Technology will “bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape,” the OCC announced Thursday. The new office will be led by a chief financial technology officer reporting to the senior deputy comptroller for bank supervision policy.
The office will “provide strategic leadership, vision, and perspective for the OCC’s financial technology activities and related supervision,” said the agency.
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The Office of the Comptroller of the Currency established its Office of Financial Technology to supervise the fintech industry as it grows at a “rapid pace.”
The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management, according to Fed Governor Michelle Bowman.
The Office of the Comptroller of the Currency’s new procedures for assessing civil penalties establishes fines as high as $400 million for misconduct—more than double the highest total in previous guidance—based on the size of the institution and severity of the violations.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
