The US bank watchdog’s new fintech office opens on April 10
The US national banking watchdog is opening a new office to handle new technologies in the banking and payments space.
The Office of the Comptroller of the Currency (OCC) announced that its new Office of Financial Technology will open on April 10. It will be headed by Prashant Bhardwaj who will assume the role of Deputy Controller and Chief Financial Technology Officer.
The @USOCC announces the establishment of its Office of Financial Technology. Read more on pic.twitter.com/wgdzmA2GX1
— OCC (@USOCC) 30 March 2023
The OCC first announced the new office last October. The office builds on and incorporates the Office of Innovation that the regulator established seven years ago to enforce responsible financial innovation.
The office will provide the OCC with “a deep understanding of financial technology and the financial technology landscape,” commented Michael Hsu, the acting Comptroller of the Currency.
“The establishment of this office will enable us to be more agile and promote responsible innovation, consistent with our mission.”
Prashant will lead a team that will analyze, evaluate and discuss relevant trends in fintech, their risks and potential implications for OCC oversight. He will have authority over matters related to emerging technology in banking and payments, including digital assets.
OCC has become a major player in the digital asset industry in the United States. Under the leadership of former OCC Brian Brooks, Cryptocurrency became a more prominent area for the regulator. Brooks is said to have arranged at least 40 meetings to discuss digital assets during his seven months at the helm of the regulator.
Under Brooks, the OCC allowed the banks to serve stablecoin issuers, operate nodes on blockchain networks and collaborate on digital assets.
Michael Hsu, who took over from Brooks, has been tougher on the industry. Earlier this year, he joined the FDIC and the Fed in warning banks against holding digital assets. The OCC also recently rejected an application by Protego — a digital custody company — to become a national trust bank, saying it did not meet all the requirements.
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