OCC commits to financial tech innovation
28 October 2016 Washington DC
Image: Shutterstock
The US Office of the Comptroller of the Currency (OCC) is planning to establish an office dedicated to responsible innovation.
The OCC will also implement a formal framework to improve its ability to identify, understand, and respond to financial technology innovation affecting the federal banking system.
Beth Knickerbocker has been installed as acting chief innovation officer to lead the office of innovation, as it will be known. The OCC aims to launch it in early 2017.
A small staff located in Washington DC, New York and San Francisco will support the chief innovation officer, whose remit will be to implement the responsible innovation framework.
The new office will be the central point of contact and clearinghouse for requests and information related to innovation. It will also implement other aspects of the OCC’s framework for responsible innovation, including establishing an outreach and technical assistance programme for banks and non-banks and promoting inter-agency collaboration.
“The OCC supports responsible innovation that enhances the safety and soundness of the federal banking system, treats customers fairly, and promotes financial inclusion,” said comptroller of the currency Thomas Curry.
“By establishing an office of innovation, we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation and the supervision that supports it.”
The OCC is also considering whether to grant a special purpose national bank charter to non-bank financial technology companies.
It plans plans to publish a paper later this year discussing the issues associated with establishing a special purpose charter and will seek comment on the topic.
The OCC will also implement a formal framework to improve its ability to identify, understand, and respond to financial technology innovation affecting the federal banking system.
Beth Knickerbocker has been installed as acting chief innovation officer to lead the office of innovation, as it will be known. The OCC aims to launch it in early 2017.
A small staff located in Washington DC, New York and San Francisco will support the chief innovation officer, whose remit will be to implement the responsible innovation framework.
The new office will be the central point of contact and clearinghouse for requests and information related to innovation. It will also implement other aspects of the OCC’s framework for responsible innovation, including establishing an outreach and technical assistance programme for banks and non-banks and promoting inter-agency collaboration.
“The OCC supports responsible innovation that enhances the safety and soundness of the federal banking system, treats customers fairly, and promotes financial inclusion,” said comptroller of the currency Thomas Curry.
“By establishing an office of innovation, we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation and the supervision that supports it.”
The OCC is also considering whether to grant a special purpose national bank charter to non-bank financial technology companies.
It plans plans to publish a paper later this year discussing the issues associated with establishing a special purpose charter and will seek comment on the topic.
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