OCC establishes Office of Financial Technology to keep pace with fintechs
By 
Jeff Dale2023-03-31T16:49:00
The Office of the Comptroller of the Currency (OCC) established its Office of Financial Technology on Thursday to supervise the fintech industry as it grows at a “rapid pace,” the agency said.
The new office, announced in October, is a further expansion upon the OCC’s Office of Innovation and will heighten the agency’s focus on its “agility in providing high-quality supervision of bank-fintech partnerships,” according to a press release.
Additionally, the office will enhance the OCC’s expertise on matters regarding digital assets, fintech partnerships, and “other changing technologies and business models within and that affect OCC-supervised banks,” the agency said.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumBanks must bolster awareness of fintech partner risks, experts advise at Fordham
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
-
PremiumOCC’s Hsu: FIs wise to include risk, compliance in tech product development
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
-
ArticleSEC, OCC flag heightened risks from crypto bankruptcies
The Securities and Exchange Commission and Office of the Comptroller of the Currency reminded public companies and financial institutions, respectively, of their responsibilities to properly manage risks related to the crypto asset market.
More from Regulatory Policy
-
ArticleEU and U.K. asset managers must adapt for T+1 settlement now to start testing in 2027
On Oct. 11, 2027, the EU, U.K., and Switzerland will move to T+1 securities settlement. The date may seem distant, but the challenges are considerable.
-
ArticleHow to prepare for U.K. sustainability reporting rules
The U.K.’s plans to revise how companies report more meaningfully on the impact their operations have on the environment will mean organizations will have to dig for better data to satisfy regulators—even if they decide that compliance with the proposed rules is not appropriate for them under the option of ...
-
ArticleEU data regulators support loosening cybersecurity compliance requirements
The European Union’s key data privacy regulators have said that they support streamlining compliance and reporting requirements under plans to beef up cybersecurity across the 27-nation bloc.