The Office of the Comptroller of the Currency will develop an Office of Financial Technology early next year “to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape,” the company revealed today. The brand-new workplace will include the Office of Innovation, which was developed in 2016.
The Office of Financial Technology will be led by a primary monetary innovation officer who will be a deputy comptroller reporting to the senior deputy comptroller for bank guidance policy. The workplace will offer tactical management, vision and point of view for the OCC’s monetary innovation activities and associated guidance, the company stated.
“Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity,” stated Acting Comptroller of the Currency Michael Hsu. “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.”