The Office of the Comptroller of the Currency is planning to create an Office of Financial Technology.
The OCC said in a press release that the office, set to debut early next year, will bolster its “expertise and ability to adapt to a rapidly changing banking landscape.”
The new office will incorporate the Office of Innovation, which was created in 2016. It will be led by a chief financial technology officer who will be a deputy comptroller reporting to the senior deputy comptroller for bank supervision policy.
“Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity,” Acting Comptroller of the Currency Michael Hsu said in a release.
“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,” Hsu added. “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.”