OCC to create Office of Financial Technology

The Office of the Comptroller of the Currency will establish 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 agency announced today. The new office will incorporate the Office of Innovation, which was established in 2016.

The Office of Financial Technology will be led by a chief financial technology officer who will be a deputy comptroller reporting to the senior deputy comptroller for bank supervision policy. The office will 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 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.”