New OCC office to supervise fintechs

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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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