BRUSSELS, 2 November 2016 – ICBA reports that the U.S. Office of the Comptroller of the Currency announced in October that it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency's ability to identify, understand and respond to financial innovation affecting the federal banking system.
The Office of Innovation will be headed by a chief innovation officer assigned to OCC headquarters with a small staff located in Washington, New York and San Francisco. The office will be the central point of contact and clearinghouse for requests and information related to innovation. It will also implement other aspects of the OCC's framework for responsible innovation, which includes establishing an outreach and technical assistance program for banks and nonbanks.
Resources will be available to community banks to help them with their third-party due diligence and ongoing monitoring of FinTech partners. The OCC expects the office to begin operations in first quarter 2017.
>> See: OCC news release