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Comptroller of Currency Opens New Fintech Office

FinTech, a portmanteau of financial technology, seems to be the next area of exploration for the Office of the Comptroller of the Currency as it has announced it is establishing a new Office of Financial Technology. 

The move will bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. 

In addition, the Office of Financial Technology will build on to existing work carried out by the Office of Innovation which was established in 2016 to coordinate agency efforts to support innovative, yet responsible, finance. 

“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,” said Michael J. Hsu , the Acting Comptroller of the Currency. “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.” 

Following typical office structure, the Office of Financial Technology will be led a by a Chief Financial Technology Officer, who will be a Deputy Comptroller reporting to the Senior Deputy Comptroller for Bank Supervision Policy. The office will provide strategic leadership, vision, and perspective for the OCC’s financial technology activities and related supervision. 

About Author: Kyle G. Horst

Kyle G. Horst is a reporter for DS News and MReport. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography including best newspaper design by the Associated Press Managing Editors Group and the international iPhone photographer of the year by the iPhone Photography Awards. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at [email protected].

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