OCC establishes Office of Financial Technology

The Office of the Comptroller of the Currency today announced the creation of the Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as deputy comptroller and chief financial technology officer, effective April 10.

The OCC said last year that it would establish the office to bolster its expertise and ability to adapt to the rapid pace of technological changes in the banking industry. In his new role, Bhardwaj will lead a team responsible for analysis, evaluation and discussion of relevant trends in financial technology, emerging and potential risks, as well as the potential implications for agency supervision.