The US’ Office of the Comptroller of the Currency (OCC) has revealed plans to establish an Office of Financial Technology early in the new year.
Its aim is to bolster its expertise and ability to adapt to a rapidly changing banking landscape.
This new office will build on and incorporate the Office of Innovation, which the OCC established in 2016 to coordinate agency efforts to support responsible financial innovation.
The new office will be led by a chief financial technology officer, who will be a deputy comptroller reporting to the senior deputy comptroller for bank supervision policies. This office will provide strategic leadership, vision, and perspective for the OCC’s financial technology activities and related supervision.
Speaking on the announcement, acting comptroller of the currency Michael J. Hsu said, “Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity. 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.
“The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.â€
Earlier this month, the US sent invitations to bring over 30 countries and private sector firms together for a two-day summit focused on combating ransomware attacks. The second International Counter Ransomware Summit will focus on priorities such as ensuring systems are more resilient to better withstand attacks and disrupt bad actors planning such assaults.
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