The Office of the Comptroller of the Currency (OCC) has announced it will create an Innovation Office with staff in Washington, New York and San Francisco; the new Innovation Office is part of a broader framework for responsible innovation also released this week; the Innovation Office will provide a dedicated staff of government officials focused on innovation affecting federally chartered banks and the banking system; it will also seek to manage the OCC's framework for responsible innovation for banks and nonbanks. Source
The head of the OCC, Joseph Otting, has been personally lobbying big bank CEOs to win support for his plans...
According to Stephen Lybarger, deputy comptroller of licensing at the OCC, the new OCC fintech charter might be better suited for...
The OCC released data sharing guidelines that have been met with mixed reviews, especially amongst fintechs and data aggregators; “I...
The Office of the Comptroller of the Currency (OCC) has introduced a new initiative to promote greater financial inclusion amongst...
The Office of the Comptroller of the Currency (OCC) has cited fintech as a risk for traditional banks in its "Semiannual Risk Perspective for Fall 2016"; the semiannual OCC report discusses risks for national banks and federal savings associations with data through June 30, 2016; says strategic planning is important for banking innovation and that banks who do not innovate to meet evolving needs may be at a competitive disadvantage. Source
A letter from the Office of the Comptroller of the Currency stated that bank custody services, which have long been...
Recent comment letters in response to the OCC's fintech charter show increased criticism for the agency's proposal; consumer protection groups, community banks and state regulators have all voiced opposition while supporters have been disappointed by the process for the charter; supporters are concerned that financial inclusion plans and other provisions for the charter might be overly burdensome; consumer protection provisions are also a point of emphasis with groups suggesting specific consumer protection measures such as interest rate caps, default rate limitations and underwriting standards; lack of details on a number of business factors including capital requirements and balance sheet versus off balance sheet funding have also reduced confidence in the charter. Source
According to Beth Knickerbocker, the OCC’s Chief Innovation Officer, the pilot program for banks to test innovative products will be...
Acting Comptroller of the Currency Keith Noreika confirmed that the fintech charter was open to commercial firms like Walmart & Google; this is a departure from former OCC head Thomas Curry who said the charter was designed for companies primarily involved in financial services; Mr. Noreika talked through this issue and others wile speaking at a fintech conference organized by the Federal Reserve Bank of Philadelphia. Source.