November 3, 2022

OCC News - Office of Financial Technology

The OCC announced last week that it is launching a new Office of Financial Technology in early 2023. With the rapid expansion in the technology space, financial technology is leading the way with partnerships between financial institutions and fintech growing steadily, and the complexity of the technology being utilized changing rapidly as well.

Michael Hsu, Acting Comptroller of the Currency, stated, β€œTo 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.”

The Office of Financial Technology will incorporate and expand on the work of The Office of Innovation, which was started by the OCC in 2016 to coordinate agency efforts to support responsible financial innovation.

Authored by: Brad Goetsch

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