New OCC office to supervise fintechs
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.
Related articles
-
News BriefOCC establishes Office of Financial Technology to keep pace with fintechs
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.”
-
News BriefFed governor teases new TPRM guidance for banks
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.
-
ArticleOCC sets sights on big banks in updated penalty guidance
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.
More from Regulatory Policy
-
News BriefFDIC eases leverage rules for banks, citing lower risk burdens
The U.S. Federal Deposit Insurance Corporation issued a final rule to change the leverage capital requirements for both large and community banks. The agency said the modification will ”reduce disincentives a banking organization may have to engage in lower-risk activities.”
-
ArticleU.K. Cyber Security and Resilience bill set to regulate critical infrastructure suppliers
Suppliers to the U.K. critical infrastructure will face new regulations to ensure they are protected from cyberattacks. The Cyber Security and Resilience Bill, introduced on November 12, also raises penalties for breaches and expands regulator powers to label certain suppliers as critical.
-
ArticleFCC rolls back Biden-era cybersecurity requirements for telecoms
Telecommunication companies are now on the honor system to protect their networks from cyber attacks, following a Federal Communications Commission (FCC) vote that removed requirements that they harden their networks.