The federal banking agencies are preparing updates to the Community Reinvestment Act questions and answers to provide guidance on how alternative delivery methods for financial services, including those provided through financial technology platforms, Comptroller of the Currency Thomas Curry said today at a community reinvestment conference in Washington, D.C.
“Although the large bank CRA service test places primary emphasis on branches, alternative systems for delivering retail banking systems are also considered,” Curry said. “Fintech-related product enhancements and innovative lending programs or account services that banks offer are evaluated in line with these basic CRA principles.”
Curry added that the OCC will soon release a white paper for public comment that will describe the agency’s framework for supporting bank fintech innovation. “This framework will outline our views on responsible innovation and enable us to more efficiently evaluate innovative products, services, or processes that require regulatory approval and identify potential risks associated with adoption,” he said.