BAFT Applauds OCC’s Responsible Innovation Framework

BAFT — ABA’s global transaction banking subsidiary — today welcomed the OCC’s framework for “responsible innovation.” The framework, which was introduced yesterday, established an office of innovation within the OCC, and outlined steps the agency will take to provide technical assistance to banks to help them continue to innovate safely and successfully.

“The OCC’s provision of technical assistance and participation pilot programs upon request will be of critical importance in the development of innovative and compliant solutions,” said Samantha Pelosi, SVP for innovation and payments. “We commend the OCC for using research and industry input to inform policy and for beginning the process of updating existing guidance. In particular, we are encouraged by the OCC’s desire for collaboration with domestic and foreign regulators to share information and formulate consistent approaches towards innovation in financial services.”