FinTech, a portmanteau of financial technology, seems to be the next area of exploration for the Office of the Comptroller of the Currency [1] 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 [2] , 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.