The Office of the Comptroller of the Currency (OCC) announced on Oct. 27 that it will establish an Office of Financial Technology early in 2023.
OCC – a bureau within the Treasury Department that supervises all national banks and Federal savings associations – said the new office is being created to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape.
“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. “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 OCC says the fintech-focus will provide strategic leadership, vision, and perspective for the bureau’s financial technology activities and related supervision.
The new office will build on and incorporate the Office of Innovation, which was established by the agency in 2016 to coordinate efforts to support responsible financial innovation.
“The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission,” Hsu said.
The Office of Financial Technology 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.