WASHINGTON–The Office of the Comptroller of the Currency (OCC) is the latest to announce plans to establish an Office of Financial Technology.
The OCC said the new office is meant to provide “strategic leadership, vision, and perspective” for the OCC’s financial technology activities and related supervision, the agency said.
“Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity,” said Acting Comptroller of the Currency Michael J. Hsu in a statement. “To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technology landscape. The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.”
The OCC said the new office will “build on and incorporate” the agency’s Office of Innovation, which it created in 2016 to coordinate agency efforts to support responsible financial innovation. It will be led a by a chief financial technology officer, who will be a deputy comptroller reporting to the senior deputy comptroller for Bank Supervision Policy.
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