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Financial Services Law Insights and Observations

OCC hosts virtual innovation hours

Bank Regulatory Federal Issues OCC Fintech

On May 4, the OCC announced it will host virtual Innovation Office Hours on June 14 through 15 to promote responsible innovation in the federal banking system. As previously covered by InfoBytes, the OCC established the Office of Innovation in 2017 to implement certain aspects of the OCC’s responsible innovation framework, including, among other things: (i) creating an outreach and technical assistance program; (ii) conducting awareness and training activities for OCC staff, such as implementing an internal web page that provides OCC staff a ‘one-stop-shop’ to access information on industry trends and innovative products, services, and processes; and (iii) encouraging coordination and facilitation among the regulatory community and industry stakeholders. According to the OCC’s recent announcement, parties should request a virtual office hours session by May 20 and should provide information on their interested topic(s). The OCC will determine specific meeting times and arrangements after it receives and accepts the request.

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